《大行報告》瑞銀:碧桂園(02007.HK)業績符預期 閒置現金按半年下降16%
瑞銀發表報告表示,碧桂園(02007.HK)公布今年中期核心淨利潤為49.1億人民幣按年倒退68%,符合該公司早前盈警指引介乎45億至50億人民幣水平,期內入按年跌30%至1,620億人民幣,低於該行預期19%,毛利率錄10.6%,低於該行原預期13%的2.4個百分點。
該行指,碧桂園至6月底止淨負債率48.1%,較2021年年底上升2.6個百分點,截至上半年止其加權平均借貸成本為5.31%,比2021年底的5.2%高11個基點。該行指碧桂園現金餘額減少330億人民幣,其中閒置現金770億人民幣,受限現金710億人民幣。 閒置現金按半年下跌16%,按年下滑29%。
瑞銀表示,維持對碧桂園「中性」投資評級及目標價2.7元,指現估值相當預測今年市賬率0.2倍及市盈率2.2倍,對比同業平均預測今年市賬率0.6倍及市盈率5.5倍。
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