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《大行報告》高盛下調雅居樂(03383.HK)目標價至2.4元 評級「中性」
高盛發表研究報告指,雅居樂(03383.HK)去年基本虧損為124億元人民幣,未達到該行及市場分別預期的27億元人民幣和33億元人民幣的淨利潤。 該行表示,集團仍面臨流動性壓力,其2022財年底的現金餘額從上半年下降34%至84億元人民幣,且未達到三條紅線的要求,預計其土地儲備步伐將基本暫停,導致其缺乏土地資源和可售資源。該行將集團2024及25財年的合同銷售額預測分別降低10%和15%;且預計集團的毛利率壓力將持續存在,因為其需要快速處置可售資源以償還債務以及缺乏盈利能力更好的項目補充。 該行將雅居樂2023至25財年的每股基本盈測平均下調93%,將2024及25財年的預售收入預測分別下調6%及12%,並將2023至25財年的毛利率平均下調9個百分點。目標價由3元下調至2.4元,維持「中性」評級。
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