《大行報告》花旗下調遠洋集團(03377.HK)目標價至1.15元 評級「中性」
花旗發表研究報告指,遠洋集團(03377.HK)今年首十一個月銷售額按年跌26%,平均售價則按年跌10%,預期旗下投資物業今年租金收入仍受到疫情所影響,利潤率壓力依然存在。
該行預計,集團今年度將錄得虧損,但早前宣布獲太古地產(01972.HK)收購所持的成都遠洋太古里項目合共50%權益,以及此前出售北京寫字樓10%股權,預期對集團未來流動性有幫助。
鑑於流動性見底,但盈利壓力仍然存在,花旗維持對遠洋的「中性」評級,目標價由1.2元降至1.15元,對應2023年預測每股資產淨值(NAV)折讓50%不變。該行調整對其2022至2024年每股盈測,反映毛利率下滑、入賬減慢及對內房市場最新假設。
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