《大行報告》高盛下調民營內房股目標價 平均降幅達25%
高盛發表研究報告指,受評的10家民營內房開發商上半年核心利潤平均按年下降86%,收入下降23%,毛利率跌至20%,總資產首次萎縮。
該行指,雖然民營房企有息債務總額較2021年底平均下降5%,但再融資風險仍然揮之不去,短期債務比例上升至34%,對比2021年底爲27%。同時民營房企的現金餘額亦較2021年底平均下降35%,平均有55%的總現金儲備受到限制,其中有部分房企限制比率高達約90%。
展望未來,高盛預計民營內房預平均售額將較該行早前預測低17%,達到按年下跌38%,對比國企背景的房企預期將跌8%。由於土地儲備受限,該行預測民營內房總可售資源將較去年底下降10%,年初至今實現平均售價下降9%,新開工數量大幅減少。
至於盈利能力,高盛預期2022至2024年民營房企毛利率及淨利潤率將保持平均18%及5%的低水平,因此將10家受評民營房企2022至2024年盈利預測平均下調逾20%,目標價平均下調25%。(gc/k) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.