《大行報告》德銀降正榮地產(06158.HK)評級至「持有」 目標價下調至3.67元
德銀發表研究報告指,與大多數面臨流動性問題的房地產開發商相比,正榮地產(06158.HK)信用狀況仍然較好,至今仍能及時償還債務,獲得銀行融資,甚至已贖回永續證券,認為正榮的流動性狀況於今年上半年可維持良好狀態。
然而,德銀亦指出,由於合同銷售或按年下跌,若正榮未來有借貸無法進行再融資,第三季或面臨現金流緊張的局面。正榮自去年第四季起暫停土地收購,加強管理經營現金流,但至今年上半年買地計劃仍然暫停,將令可銷售資源減少,預計今年全年合同銷售將按年跌15%至18%,開發利潤率將因價格折扣而下降至16%至18%的水平。
該行認為,行業估值下調將是不可避免,由於盈利預測得出的估值變得不穩定,將將估值標準從市盈率轉為市賬率,基於2021財年約0.6倍市賬率,將目標價從5.2元下調至3.67元,評級降至「持有」,認為上行空間有限。
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