《大行報告》匯豐研究削世茂集團(00813.HK)目標價至8.6元 評級一舉降至「減持」
匯豐研究發表報告指,日前市場傳出世茂集團(00813.HK)與陸家嘴信托商討延期償付的消息,公司澄清雙方合作正常,無出現逾期或面臨延期償付事項,亦表示將回購股份及債券,但股價及債價都大受影響,將世茂的評級由「買入」下調至「減持」,認為經營前景正持續惡化。
匯豐研究又指,撇開信貸情況不談,更擔心的是未來增長前景,認為世茂已落入增長緩慢的梯隊,公司再度下調全年銷售目標,項目銷售亦一直降價,反映世茂目前正面臨利潤率挑戰。
該行預期世茂至2023年盈利狀況將迅速惡化,增長接近於零,雖然過去一年估值持續下降,但未見任何催化劑,基於合約銷售及毛利率預期下降,將2021至2023年核心盈利預測下調3%、10%及18%,代表增幅逐步回落至10%、3%及1%,目標價相應由22.9元下調至 8.6元。
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