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《大行報告》匯豐研究下調龍湖(00960.HK)目標價至25.7元 評級「買入」
阿思達克 09-07 11:45
匯豐研究發表報告指,龍湖(00960.HK)與其他私營發展商最大不同,是早期已投資商業項目,在住房市場危機下,分散收入來源,相信在樓市措施放寬下,公司可以繼續倖存,而審慎的管理作風亦是正面因素,雖然地產發展業務受行業下行影響,但信今年盈利已見谷底。 報告指,公司上半年淨經營現金流錄得正數,現金水平穩定,負債比率57%亦屬健康水平,公司有信心可以就明年到期的境內債進行再融資,上半年派息亦穩定。 該行將公司每股資產淨值預測由85.6元下調至67.5元,以反映土地儲備消耗及加權平均資本成本較高,每股資產淨值折讓62%,高於歷史平均值47%,目標價由45.4元下調至25.7元。雖然弱勢同業股價下跌會造成拖累,但認為該股受罰過重,恢復「買入」評級。
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