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《大行報告》大和下調復星國際(00656.HK)目標價至7.7元評級「買入」 流動性緩衝較好助度過週期
阿思達克 09-20 14:08
大和發表研究報告指,復星國際(00656.HK)中期實業經營利潤按年增長5.5%,撇除已處置業務則增長66%,當中健康及快樂業務板塊盈利分別較去年同期增長24.3%及逾13.6倍,財富及智造板塊則下跌80.4%及88.6%。 該行認爲,復星非核心資產剝離進展順利,債務規模大幅縮減,首次揭露控股公司層面有息負債上半年已減少217億元人民幣,至947億元人民幣,截至6月底止現金、銀行餘額和定期存款較去年12月底增長14%,至1,147億元人民幣,令槓桿比率下降至51.8%,平均融資成本保持在相對穩定的5.3%水平,擁有較好的流動性緩衝,預期有助於公司度過週期。 大和形客復星資產剝離做得及時,預計隨着繼續處置非核心資產、加強銀行與公開市場合作、優化成本效率,以及維持穩定的經營性現金流,相信其主要信貸指標將在未來幾年持續改善,重申「買入」,計及資產剝離的影響,將2023至2025年淨利潤預測下調32%至36%,目標價亦由9.5元下調至7.7元。
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