《大行報告》匯豐研究下調融創服務(01516.HK)及遠洋服務(06677.HK)目標價 評級「持有」
匯豐研究發表研報指,融創服務(01516.HK)中期扭虧,錄得純利約3.4億元人民幣,其收入和毛利率的下降被期內減值損失減少所抵銷。該行認為,融創服務仍在消化來自關聯方的壓力,但已見到有改善跡象,在營運效率提高及穩定的每股盈利推動下,管理層預計全年核心利潤將實現單位數百分比增長。
報告認為,融創服務大部分下行風險已反映在其股價表現上,憧憬融創中國(01918.HK)的債務重組計劃進展是潛在催化劑,將公司2023至2025年盈利預測下調13%至16%,目標價由3.2元下調至2.5元,但仍維持「持有」評級。
該行又指,同樣受到關聯方影響的遠洋服務(06677.HK),上半年盈利表現受到收入、毛利率下降,以及應收賬款及車位減值所拖累,期內淨利潤按年跌52%,但鑑於來自母公司遠洋集團(03377.HK)的建築面積交付速度放緩及第三方業務擴張停滯,認為遠洋服務將處於防守狀況,將2023至2025年盈利預測下調31%至35%。
考慮到遠洋服務目前估值非常低迷,很大程度上已反映了其下行趨勢,匯豐研究亦維持「持有」評級,目標價由1.8元降至1.1元。
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