《大行報告》傑富瑞下調融創中國(01918.HK)目標價至29.35元 指配股助長遠發展
傑富瑞發表報告,內地發展商考慮到不確定的信貸環境下,認為融創中國(01918.HK)折讓近11%配股及減持旗下物管股權淨籌73.43億元人民幣是正確舉動,因可以收集足夠的資金,以克服銷售或再融資困難導致的短期流動性緊張。
報告又指,估計融創中國的凈資產負債率將在今年底前略微下降到約85%,上半年為87%。此外,隨著1月份銀行貸款配額的重新開放,以及未來幾個月更多潛在的政策放鬆,相信融創在2022年上半年將有更穩定的現金流。
該行將融創中國2021財年的銷售預測下調至6,200億元人民幣,並將其2022年至2023財年的毛利率下調約1個百分點,以反映平均銷售價格調整。加上配售因素後,將融創中國2021年至2023財年的盈利預測降低3%至11%,目標價相應由37.16元降至29.35元。
然而,該行認為,由於預期在更多的政策放鬆支持下,實體市場將逐步復甦,考慮到融創中國在擁有豐富和優質的土地儲備,料其2022財年的銷售增長將優於同行,並認為其流動性的任何改善都可能在短期內推動股價的明確反彈,維持「買入」評級。
傑富瑞將融創中國納入發展商首選,並維持融創服務(01516.HK)物管首選股之一,相信配股導致的股價疲軟將為該兩股提供更有吸引力的買入點。
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