《大行報告》匯豐研究下調碧桂園(02007.HK)評級至「減持」 碧服(06098.HK)降級至「持有」
匯豐研究發表研究報告指,市場憂慮碧桂園(02007.HK)會如同旭輝(00884.HK)一樣,出現融資壓力持續升級的狀況。該行認爲,其與融資相關的問題更有可能浮出水面,將碧桂園評級由「買入」降至「減持」,目標價由3.5元下調至1.4元,碧桂園服務(06098.HK)則由「買入」降級至「持有」,目標價由20元下調至12.2元。
該行表示,碧桂園迄今爲止在償債記錄方面沒有出現問題,但隨着市場對增加的信用風險進行定價,碧桂園或會是下一個面對風險的公司。該行指,基於銷售的有機現金流入恢復緩慢,融資相關問題將愈來愈有可能浮現,認爲根據資產負債表相關指標及其債券到期狀況評估碧桂園的幫助將會變少,除非有重大政策刺激措施,否則公司將難以重新評級。該行提到,儘管私營企業股價已經大幅回調,但對於碧桂園而言,旭輝近期的問題促使市場對潛在的信貸壓力進行定價。該行下調碧桂園及碧桂園服務的評級,對碧桂園服務的「持有」評級,是反映其具有韌性的經常性收入來源。
該行指,國有企業在市場份額增長方面繼續保持領先地位,仍然看好中國海外發展(00688.HK)、華潤置地(01109.HK)、萬科(02202.HK)和中海地產(02669.HK)。該行相信在市場獲得清晰的路線圖之前,私營企業仍會遇到困難。
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