You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》瑞信降融創(01918.HK)評級至「跑輸大市」 目標價下調至16.9元
阿思達克 10-26 10:04
瑞信發表研報指,融創中國(01918.HK)上半年去槓桿進展令人滿意,但對短期負債覆蓋率較同行低,反映公司將更依賴銷售收入來支付資本支出及償還債務,考慮到房地產稅試點或影響市場情緒,認為融創較更容易受到未來銷售不確定性影響 該行又指,融創房地產項目合營投資敞口相對較高,雖然並不一定意味著有更高表外債務,但財務報表透明度下降,可能會引發市場擔憂。 瑞信估計,融創今年合約銷售額將達到6,150億元人民幣,意味按年持平;基於項目利潤率或下降,將2021至2023年盈利預測下調約0.1%至2.5%,並將資產淨值(NAV)預測下調19%,並下調估值基礎,NAV折讓由50%擴大至65%,評級由「跑贏大市」一舉下調至「跑輸大市」,目標價由28.7元降至16.9元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account