《大行報告》美銀證券下調新世界(00017.HK)目標價至17元 維持「中性」評級
美銀證券發表研究報告指出,新世界(00017.HK)將其2023財年末期息削80%至0.3元,好過預期的不派息。然而,其資產負債表仍然令人憂慮,由於人民幣貶值以及淨債務的增加,令淨負債率上升至49%。管理層目標於2027財年將淨負債率降至35%至39%,很大程度上取決於香港開發業務市場的復甦情況。
該行提及,新世界預期2024財年資本開支減少至150億元,與該行預期一致,相對於2023財年為240億元;估計公司2024財年的自由現金流為負60億元。另外,該行認為公司啟德合資計劃(140億元)的推出面臨挑戰,並預期財團將以低於二手市場價格首推非海景單位。
此外,該行認為雖然新世界的估值不高,但未來股息政策仍然不明朗。基本假設基於40%核心盈利分派下,公司明年每股股息0.51元,但如完成大量非核心處置,則可能有上行空間。由於公司資產淨值下降,該行將其目標價由17.5元下調至17元,維持「中性」評級,並預期香港開發業務銷售放緩,將2025財年每股盈利預測下調7%。
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