《大行報告》美銀證券下調雅居樂(03383.HK)目標價至2.1元 評級「跑輸大市」
美銀證券發表報告表示,雅居樂(03383.HK)一直努力通過一系列的資產處置進去槓桿化,於上半年總債務減少140億人民幣,在2022財年的餘下時間只有15億人民幣債務到期。惟該行認為其流動性問題仍然存在,因為其現金與短期債務比率在上半年末已惡化至0.57。
該行告指,雅居樂上半年經調整淨利潤為12億元人民幣(不包括金融資產的公允價值和外匯收益),按年下降76%,比該行預測低30%,因為營業費用高於預期。
美銀證券指,考慮到購房者對雅居樂流動性緊張的擔憂仍會對銷售業績造成壓力、持續的流動性壓力、在資產處置和停止拿地後,增長前景疲軟。該行將雅居樂盈利預測下調11至18%,以反映較弱的利潤率前景,並將目標價由2.4港元下調至2.1港元,相當於預測2024財年市盈率3.4倍,維持「跑輸大市」評級。
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