《大行報告》瑞銀降世茂服務(00873.HK)評級至「沽售」 目標價大削至7.4元
瑞銀髮表報告,由於憂慮世茂服務(00873.HK)母公司房企世茂集團(00813.HK)能否償付到期債券,將世茂服務(00813.HK)評級由「中性」下調至「沽售」,目標價由28.2元大幅削減至7.4元。
該行認爲,房企在債券市場的再融資困難,將會令世茂集團土地儲備下滑,限制世茂服務從母公司取得的在管面積規模,增值服務收入以及與母公司關聯交易收入將會下降,同時併購尋求增長的風險相應增加。
瑞銀將世茂服務2021至2023年盈利預測下調18%至48%,以反映下調相應年度世茂集團合約銷售額14%至27%、導致降世茂服務合約面積17%至33%,以及降世茂服務收入預測16%至39%,以及從併購帶來的增長減少等因素。
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