《大行報告》花旗上調富力地產(02777.HK)目標價至1.65元 評級「沽售」
花旗發表研究報告指,富力地產(02777.HK)已完成約49億美元離岸債券及135億元人民幣在岸債券的展期,並正在與現有債權人探討續簽部分貸款。
考慮到流動性是內房現時營運核心,富力正計劃以靈活的平均售價加快預售,並通過出售旗下酒店、寫字樓、物流園區、物業管理業務等資產,預期有助提升流動性及降低經營成本。但花旗指出,由於富力上半年總債務達到1,430億元人民幣,對比在手現金為150億元人民幣,財務狀況要改善可能仍需要一段時間,同時去槓桿的過程中盈利空間將繼續受壓。
因此,花旗將2022至2024年淨虧損預測擴大26%、67%及71%,考慮現時房市展望,基於新銷售額及平均售價預測,將其資產淨值(NAV)估算下調27%,目標價由1.1元升至1.65元,評級維持「沽售」。
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