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《大行報告》富瑞下調旭輝控股(00884.HK)目標價至5.47元 評級「買入」
阿思達克 03-25 10:19
富瑞發表研究報告指,旭輝控股(00884.HK)去年業務較預期疲弱,盈利按年下跌9%,較市場及該行預期低12%,毛利率收窄至19.3%,財務表現轉差,股息分派比率更從2020年的35%降至18%。 惟該行指出,旭輝目前整體財務狀況仍然良好,去年底應佔表外債務達204億元人民幣,較上半年減少19%,總借貸達1,350億元人民幣,相信槓桿風險可控,預期近期融資及來自金融機構的支持,足夠覆蓋公司短期現金流支出。 雖然富瑞預計今年預售量下降,中期盈利增長持平,但認為旭輝擁有良好土地儲備、融資渠道及穩健的管理,為民營內房中風險回報最佳,維持「買入」評級,目標價由6.25元下調至5.47元。
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