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富瑞:重申萬科(2202.HK)“持有”評級 分拆萬物雲有利價值釋放
格隆匯 11-08 14:59

富瑞發研指,萬科企業(2202.HK)建議分拆萬物雲上市應該有利於價值釋放,但認為目前疲軟的市場情緒和公司不斷惡化的銷售及盈利前景將繼續拖累其近期股價表現,予H目標價22.05港元,重申“持有”評級

該行表示,上述分拆仍有待中國證監會批准,預計該IPO將於明年第三季度完成,而考慮到其目前的歷史低谷估值,認為潛在的分拆有利於公司非開發業務的價值釋放,亦假設公司明年盈利增長50%,市盈率20倍,估計萬物雲將佔萬科當前市值約17%。該行續指,考慮到雙層股權結構,公司股東只能部分受益於分拆,亦需要數個季度以獲得批准,市場對開發商的情緒亦較弱,預計短期內只會看到温和的市場反應。

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