《大行報告》瑞銀上調新世界(00017.HK)目標價至20.4元 評級「中性」
瑞銀發表報告,將新世界發展(00017.HK)目標價上調15%至20.4元,以反映年初至今內地住宅市場復甦步伐較預期強,以及在岸融資敞口增加或令融資成本下降。
該行指出,新世界發展年初至今於內地有兩個主要項目回款,應佔金額達約17億元人民幣,期內更成功以3.5%利率發行10億元人民幣的在岸商業房地產抵押貸款支持證券(CMBS),有助將融資成本進一步降至4.5%目標。
但瑞銀表示,新世界發展去槓桿化路線圖仍然崎嶇不平,香港開發項目的現金循環能力有限,同時持續的高離岸利率環境可能會繼續抑制其非核心資產處置,為股息前景帶來負面影響,因此維持對其「中性」評級。
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