《大行報告》美銀證券降世茂集團(00813.HK)評級至「跑輸大市」 目標價下調至8元
美銀證券發表報告,指擔心近期事態發展會損害買家購買世茂房屋單位的信心,即使在採取一些寬鬆措施的情況下,投資者或買家仍會更傾向表外債務擔憂較少的房地產商。該行將世茂集團(00813.HK)評級由「中性」降至「跑輸大市」,目標價由12元下調33%至8元。
報告引述《彭博通訊社》報道,世茂集團表示,公司債券和股票的拋售是週末由市場投機引發的,現正在內部覈查,另外《新浪新聞》報道,世茂在上海銷售的96套可售資源約5億至6億元人民幣(下同)的二手房所有權暫停轉讓,目前尚無確切原因。美銀證券認爲,這些發展可能會阻止買家在短期內購買世茂的單位,而土地儲備有限,將在較長時間內拖累銷售。
美銀證券認爲,世茂表外債和信託負債似乎更令人擔憂,包括其管理陷入困境的開發商福晟的項目的合資企業平臺帶來的不確定影響,儘管監管機構近期允許民營房地產商增發境內債券,以緩解流動性需求,但在世茂債券週一大幅回調後,認爲世茂發行新債券可能存在困難。
世茂集團旗下世茂服務(00873.HK)擬以16.53億元,收購在上海掛牌的世茂股份(600823.SH)在內地的物業管理服務業務及相關增值服務。美銀證券認爲,本次交易不會影響集團層面的現金餘額,但本質上會向房地產開發部門釋放更多現金。
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