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《大行報告》美銀證券削碧服(06098.HK)目標價至8.3元 評級降至「跑輸大市」
美銀證券發表報告,考慮對手方風險重燃,將碧桂園服務(06098.HK)目標價由17元大削至8.3元,評級由「買入」一舉降至「跑輸大市」。派息預期則保持不變。 報告指,碧服關連方碧桂園(02007.HK)於8至9月將面臨很多債務到期,而合約銷售疲軟。如果碧桂園面臨流動性緊張,對碧服的基本面影響可能包括,控股家族或出售碧服股份,以籌集資金支持碧桂園;碧桂園移交項目減少;如果碧桂園對碧服支持減少,碧服利潤率將不可持續;碧桂園應收賬款撥備損失。 鑒於上述因素,美銀證券將碧服2022至2025財年盈利預測下調20%至30%。同時預計碧服核心盈利將在2023財年按年下降10%以上。
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