《大行報告》富瑞削寶龍商業(09909.HK)目標價至7.84元 評級「買入」
富瑞發表報告指,對於寶龍商業(09909.HK)近8.7億人民幣購母企上海辦公樓物業,該行與市場一樣對其財務獨立性和寶龍的流動性壓力感到擔憂,但認爲目前股價過度調整,低估了公司的基本面。目標價由19.16元削至7.84元,評級「買入」。
管理層解釋指與銀行存款相比,該收購將提供更好的回報,但富瑞認爲收購的商業理由不充分,並且該交易將違背其輕資產的商業模式。再加上對其財務獨立性的懷疑,該行認爲收購或引來小股東反對。
富瑞亦認爲,上述關聯方交易反映了母企的流動資金緊張,或會拖累其在未來幾年內的商場方面建設,因此將2022至2024財年的商業部門收入預測下調3%至8%,盈利下調5%至8%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.