《大行報告》里昂降融創服務(01516.HK)評級至「跑輸大市」 目標價下調至5元
里昂發表報告表示,融創服務(01516.HK)去年核心淨利潤按年升1.33倍,高於該 行預期10.5%,公司管理層澄清,與融創中國(01918.HK)有獨立的營運和資金流動,融創服務沒有擔保或購買融創中國發行的任何債券,不過承認由於包括融創中國在內的開發商付款延期,應收賬款有所增加。
里昂表示,將融創服務評級從「買入」下調至「跑輸大市」,並將目標價從12.6元下調至5元,相當預測今年市盈率7.4倍,原因是考慮到融創中國隱憂未解決,缺乏實質性流動性寬鬆政策,以及對房企支持的物管盈利和應收賬款的擔憂。
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