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《大行報告》花旗降部分內房股目標價 維持龍湖、旭輝及時代中國「買入」評級
花旗發表研究報告指出,鑑於整體市場挑戰,下調內房股禹洲(01628.HK)、遠洋(03377.HK)、時代中國(01233.HK)、旭輝(00884.HK)及龍湖(00960.HK)的預測及目標市盈率倍數及資產淨值折讓。其中,對禹洲及遠洋維持「中性」評級;對時代中國、旭輝及龍湖維持「買入」評級。 禹州方面,該行注意到公司為履行償還債務所做的努力,包括增加銷售現金流入,資產變現及委任財務顧問。考慮到公司要恢復市場信心和銷售疲弱情況需時,該行將其2022至2024財年每股盈利預測下調27%至30%,目標價由0.53元降至0.42元。 遠洋方面,該行指公司雖然10及11月的銷售按月有所回升,但首十一個月的產品均價按年跌10%;公司毛利壓力仍存,上半年淨虧損達1.2億元人民幣。考慮到市場挑戰及毛利壓力,將其2022至2024財年每股盈利預測下調39%至47%,目標價由1.33元降至1.2元。 時代中國方面,該行認可公司在穩定規模下為更健康發展所作出的努力,包括透過減少投資來增加現金儲備、城市更新項目的資金回收及按時交付等。考慮到上半年財務表現及銷售疲弱,對其2022至2024財年每股盈利預測下調50%至61%,目標價由3.5元降至2.1元。 至於旭輝,該行指公司承諾通過嚴格的成本節約措施,以確保交付、保障正常營運和在岸融資。公司最近與銀行就貸款融資訂立戰略合作協議,如與郵儲銀行(01658.HK)的100億元人民幣信貸融資。對其目標價由3元降至1.85元,2022至2024財年每股盈利預測下調47%至49%。 此外,花旗認為龍湖營運持續穩健,土地收購節奏良好,7至10月期間共開設5個新商場,令總營運數量達至超過70個,而且公司再融資順利。預測其經常性收入增長30%至40%,目標價由50.1元降至32.6元,由於宏觀環境不利因素,對其2022至2024財年每股盈利預測下調0.4%、7.1%及15.4%。
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