《大行報告》富瑞上調雅居樂(03383.HK)目標價至3.6元 評級「跑輸大市」
富瑞發表研究報告指出,雅居樂(03383.HK)日前披露以11億元人民幣出售五個環保項目,連同最近出售的住宅項目,公司已於1月份出售40億元人民幣的資產,而該行預期公司於今年首季有13億美元離岸債務到期。另料首季房地產銷售仍然低迷(尤其是旅遊項目),公司將持續出售更多資產,以應對緊縮的流動性。
該行認為,雖然雅居樂資產處置可緩解近期現金流壓力,但同時有可能損害公司的核心基本面,可能需時數年才能恢復,當中損害包括更快地耗盡土地儲備導致其規模收縮(該行料2022財年銷售額跌11%至1,240億元人民幣);經常性收入增長放緩至20%至30%;推遲其分拆環境業務的計劃,甚至可能退出有關業務。
富瑞維持對雅居樂「跑輸大市」評級,目標價由3.26元上調至3.6元,但考慮到公司未來資產出售的不確定性(尤其是支付條款),建議投資者保持謹慎,直到其債務償還情況更加明確。此外,該行料基於監管機構對發展商的槓桿作出嚴格監管,公司的中期前景或仍不明朗。
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