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富瑞:降雅居樂集團(3383.HK)評級至遜於大市 目標價至3.26港元
格隆匯 01-13 13:11

富瑞發表研究報吿指,雅居樂集團(3383.HK)由於銷售疲弱而愈來愈有可能無法償還近期債務,鑑於其土地儲備枯竭以及對旅遊項目的潛在需求疲弱,預計2022年雅居樂的銷售額將按年下降8%。該行將其評級由“買入”下調至“遜於大市”,下調目標價41%至3.26港元。

該行指,雅居樂的資產處置可能會損害其核心基本面,導致其利潤率大幅壓縮,導致收益下跌。該行將其2021-23財年的盈利預期下調多達40%,預計未來幾年雅居樂的派息率可能會大幅降低至10%,而之前為35%-50%。

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