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《大行報告》摩通下調旭輝(00884.HK)目標價至5.5元 評級「增持」
阿思達克 11-10 10:19
摩根大通發表研究報告指,對旭輝控股(00884.HK)宣布溢價供股感到驚訝,又指雖然市場可能將供股解讀為開發商面臨流動性緊張的證據,但認為旭輝近期風險並不令人擔憂,估計調整後短期債務現金覆蓋率仍大於1倍,足以應對明年到期的53億元人民幣境外債券。 該行指,由於股權攤薄,股價近期可能會疲軟,但與其他開發商配股表現相比,旭輝的條款實際上並不算太差,加上大股東已承諾認購,攤薄幅度亦不算太大,預期對2022至2023年核心每股盈利攤薄約5%。 摩通對其維持「增持」評級,認為旭輝仍然是少數盈利增長和信用指標相對較好的中型內房股,目標價則由6.7元下調至5.5元,預測市盈率降至4倍。
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