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《大行報告》大和下調旭輝(00884.HK)目標價至4元 料無迫在眉睫的違約風險
阿思達克 08-31 14:24
大和發表研究報告指,旭輝(00884.HK)上半年收入按年跌18%,核心盈利跌46%,主要歸因於可售物業資產減記、其他收入下降及合資聯營項目貢獻減少。 但大和指出,雖然內地房地產行業面對逆境,但旭輝期內整體毛利率仍能維持去年同期水平,達到20.7%,又指公司今年7月份實現合同銷售總額792.4億元人民幣,按年跌50%,與同業平均下降51%基本一致,憧憬下半年可售資源超過2,000億元人民幣,其中85%位於一線及二線城市,預計全年合同銷售額按年跌35%至1,600億元人民幣,較部分非國有同業表現優勝。 大和認為,儘管融資環境趨緊,但旭輝憑藉其穩健財務,以及作為少數獲得政府支持的示範性民營開發商之一,上半年成功進行多輪融資,包括發行境外綠色債券等,預期今年內無債券到期,未看到迫在眉睫的違約風險。該行將2022至2024年每股盈利預測下調26%至32%,目標價由7.2元下調至4元,預測年底每股資產淨值將降至6元,維持「買入」評級。
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