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《大行報告》星展:碧桂園(02007.HK)配股助緩解流動性壓力 但料短期股價承壓
阿思達克 07-27 14:50
星展發表報告指,在房地產行業持續波動和疫情影響下,碧桂園(02007.HK)和同行一樣,預售受到嚴重打擊,加上再融資渠道收緊,對房企構成不可忽視的流動性壓力。該行相信,今次配股集資所得約3.62億美元可能對公司有幫助,並減輕債券投資者對其流動性狀況的擔憂。 星展指,股票投資者可能會對碧桂園保持謹慎,或令短期股價繼續受壓。不過,該行認爲,市場關注碧桂園在三四線城市的風險敞口,忽視了其堅實的財務管理能力。隨着市場悲觀情緒的消退,該股與可比較同行的折讓可能會縮小,予目標價8.62元,評級「買入」。
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