《大行報告》大和下調世茂集團(00813.HK)目標價至20元 評級「買入」
大和發表研究報告指,世茂集團(00813.HK)近月股價和債券價格情緒疲軟,相信是由於市場不實消息及公司下調合約銷售指引所致,認為投資者需要時間恢復信心,但同時認為世茂短期內不會出現貸款違約風險。
該行預計近期世茂不會出現流動性問題,貸款違約風險不大,日前宣布先舊後新配股,資金可用於償還公司債務,認為世茂可在未來幾個月內房行業信貸寬鬆中受惠。
考慮到公司第三季銷售折扣加大,大和下調世茂2021至2023年合同銷售額及毛利率預測,因此將每股盈利預測下調3%至5%,每股資產淨值預測下調至30.8元,資產淨值折讓擴大至35%,相應將目標價由24.2元降至20元,維持「買入」評級。
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