《大行報告》瑞信下調富力地產(02777.HK)目標價至1.51元 評級「跑輸大市」
瑞信發表研報指,富力地產(02777.HK)日前公布2021年核心淨虧損達到159億元人民幣,高於3月底公布的未經審計淨虧損88億元人民幣,預期是由於期內收入與毛利率下降,以及存貨減值撥備所致。核數師提出保留意見,指出公司持續經營具不確定性。
該行表示,行業數據顯示富力7月銷售額按年跌61%,較上半年的下跌59%幅度進一步擴大,鑑於市場情緒疲弱,對其銷售前景保持審慎看法。
瑞信又指,富力去年底止淨負債率保持在130%的高位,現金對短債覆蓋率僅為0.34倍,於去年底債務達到1,288億元人民幣,其中高達299億元人民幣的借款違約或交叉違約。
瑞信下調富力2022至2023年盈利及資產淨值預測,其中分配的資產淨值折讓擴大至90%,目標價由2.96元降至1.51元,維持「跑輸大市」評級。
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