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《大行報告》瑞銀下調世茂集團(00813.HK)目標價至8.7元 評級「沽售」
阿思達克 11-19 10:08
瑞銀發表研究報告,進一步下調世茂集團(00813.HK)目標價由10.9元降至8.7元,維持「沽售」評級,表示由於世茂明年有較大償債需要,擔心其可能會進行配股,帶來約20%股權攤薄。 該行指出,公司10月份合約銷售達200億元人民幣,以現時銷售去化率計算,自由現金流料僅足夠抵償現有債務,令公司有可能需要出售香港的物業項目及進行配股,從而籌集資金應付到期債務。 瑞銀認為,由於今年未有新增太多土地儲備,世茂明年合約銷售額將按年下跌20%,同時項目降價銷售料對利潤率帶來壓力,相應將2021至2023年每股盈利預測下調10%至24%。瑞銀認為,世茂今年下半年未必可派發現金股息。
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