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《大行報告》摩通予富力(02777.HK)「減持」評級 目標價3.5元
阿思達克 09-24 10:08
摩根大通發表研究報告,在限制期後,給予富力地產(02777.HK)「減持」評級,目標價3.5元。 監於富力的債務和負債規模較小,該行認爲其資產處置應比規模較大的高負債同行有更多的時間和靈活性,惟這可能是好,亦可能是壞消息。從好的方面而言,可以較高價格出售資產,但在消極方面而言,可能意味着拖延更長時間。 該行對富力的目標價,是基於2.5倍的目標市盈率,而由於流動性風險較高,該市盈率低於同行。該股面臨的主要上行風險包括銷售額好過預期、股息勝預期,且槓桿率顯着下降。而主要的下行催化劑包括低過預期的利潤率和銷售勢頭。
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