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《大行報告》摩通降碧桂園(02007.HK)目標價至0.8元 下調碧服(06098.HK)目標價至5.9元
摩根大通發表研究報告指,自7月23日下調碧桂園(02007.HK)及碧桂園服務(06098.HK)的評級後,過去幾個星期公司面對的挑戰似乎增加,市場更傳出碧桂園日前未能支付兩筆已到期美元債利息,違約風險上升。 該行指出,碧桂園系大股東兼主席楊惠妍將於碧服的20%股份捐出用於慈善公益用途,加上市傳碧桂園月初叫停配股計劃,以及市傳佛山市副市長牽頭工作組進駐集團等消息,都影響碧桂園及碧桂園服務信貸狀態,預期今年底止到期債券償還(180億元人民幣)壓力較大。 考慮到目前銷售仍然疲軟,摩通認為違約、不良債務交換或重組的風險正在上升,同時可能存在中期業績未能公布而要停牌的風險,對碧桂園及碧桂園服務維持「減持」評級,目標價分別從0.9及6.7元,降至0.8及5.9元。 摩通估計,今次事件將令投資者對於內銀在房地產市場的資產質量風險感到擔憂,由於開發商風險敞口較大,預期平安銀行及民生銀行(01988.HK)股價將受壓。至於對其他民營房企業的影響,預期會較2021年恆大(03333.HK)風險事件時低,繼續看好市場份額不斷增長的國有房企,包括華潤置地(01109.HK)、保利發展、保利物業(06049.HK)、中海外(00688.HK)及中海物業(02669.HK)。
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