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《大行報告》大和降龍湖(00960.HK)目標價至30.2元 屬少數財政穩健民營內房重申「買入」
阿思達克 10-21 15:47
大和發表報告,相信在民營內房發展商流動性問題下,近期市場對龍湖集團(00960.HK)的情緒會受到影響,但繼續認為在目前行業流動性危機中,集團是少數財政穩健民企,具有完整的償債能力。 該行表示,龍湖有良好的債務到期狀況,今年餘下時間沒有債務需要償還,而短債佔總債務約10%。於明年,集團將有72億元人民幣境內債及20億元人民幣的境外債到期,並有25億元人民幣的可售回境內債,以截至今年6月底手頭現金876億元人民幣計,大和認為集團的債務在可控範圍內。 大和將集團每股資產淨值(NAV)估算由58.4元調低至50.3元,反映料其明年及2024年合約銷售呈下降,並擴大NAV折讓幅度由25%擴至40%,以反映民營內房風險較國企為高,相應下調其目標價,由43.8元降至30.2元,維持「買入」評級。
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