《大行報告》里昂削雅居樂(03383.HK)目標價至1.83元 評級「跑輸大市」
里昂發表研究報告指,由於房地產需求疲軟、市場情緒惡化和缺乏新的項目推出,雅居樂(03383.HK)9月份項目預售金額創新低。近期其集資速度也有所放緩,這可能導致現金流壓力增大,從而導致商業票據逾期的情況增加。該行對集團保持審慎態度,將其今明兩年的盈利預測分別下調53%及39.8%,以反映合同銷售增長放緩和利潤率下降。該行將目標價從4.20元削至1.83元,維持「跑輸大市」評級。
該行提到,9月雅居樂預售金額僅35億元人民幣(下同),按年減少65%,按月跌31%,年初至今的跌幅從8月的46%擴大至9月的48%。由於樓市未見起色,且下半年僅有一個新盤推出,預計集團2022財年的項目預售金額將按年降50%至695億元。
報告指,截至2022年6月,公司擁有現金259.25億元,其中受限制現金130.19億元,公司/項目層面自由現金129.06億元,相當於短期債務225.93億元的57%。根據上海票據交易所的數據,截至2022年9月,雅居樂有21間子公司商業票據逾期,項目層面的現金流壓力增加。然而,集團的融資速度放緩,該行認為更多的資產處置對集團有利。
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