《大行報告》野村降碧桂園服務(06098.HK)評級至「減持」 下調目標價至15.1元
野村發表研究報告指,由於管理規模增長放緩以及毛利率下跌,因此將碧桂園服務(06098.HK)2022至2024財年盈利預測削減15%至31%,預期公司無可避免會受到內地樓市疲弱情緒影響,將目標價由43.2元降至15.1元,評級更從「買入」一舉下調至「減持」。
該行指出,碧桂園(02007.HK)股價回落近三個星期後,自五年低點只反彈18%,同時公司今年底前並未有到期未償還債務,卻選擇在此時配股集資,舉動令人感到擔憂,投資者對市場流動性的擔心或將增加,亦令該行擔憂對碧桂園項目交付會否延遲,從而拖累碧桂園服務的新增管理項目。
野村又指,碧桂園服務的基本面出現更多惡化跡象,包括今明兩年併購項目可能減少,以及利潤率下降等,認為公司應改變以往依賴碧桂園及併購項目的增長模式,轉變為專注於第三方業務擴張。
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