《大行報告》匯豐研究下調碧桂園(02007.HK)目標價至2.9元 降雅居樂(03383.HK)評級至「減持」
匯豐環球研究發表報告指,受銷售入賬減少、利潤率壓力和資產減值影響,碧桂園(02007.HK)去年業績表現疲軟,現金流壓力下今年未有派發股息。
報告指,民營內房企業去年共同面對流動性問題,預計隨著實體市場出現復甦,今年情況可能會得到緩解,當中碧桂園在去年艱難的一年中,於去槓桿上取得進展,是為數不多仍在全額償還債務的民營企業之一,但與此同時盈利能力亦被犧牲。
匯豐環球研究預期在嚴謹的債務處理記錄支持下碧桂園可維持其融資能力,料經營及估值都將受惠於實體市場複蘇,重申對碧桂園「買入」評級,將目標價從4元下調至2.9元。該行下調對雅居樂(03383.HK)評級由「買入」降至「減持」,將目標價由3.4元降至1.4元。
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