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《大行報告》星展下調碧桂園(02007.HK)目標價至0.55元 評級降至「沽售」
阿思達克 10-27 11:07
星展發表研究報告指,碧桂園(02007.HK)在推進離岸債務重組的同時,項目交付仍是營運重心,考慮到公司在中國低線城市的土地儲備規模龐大,預料對其預售及經營性現金流都帶來衝擊,拖累盈利表現。 該行指出,自去年起碧桂園以現金回籠作為首要任務,無可避免要在需求疲軟的低線城市推出較大幅價格折扣來促銷,但由於公司面對流動性困難或引發潛在買家對項目交付的擔憂,影響預售表現。同時三、四線城市基本面相對較弱,且庫存水平較高,住宅市場消費情緒及價格預期可能需要一段時間才能恢復。 因應短期不利因素,星展將碧桂園的投資評級下調至「沽售」,目標價降至每股0.55元,對應明年預測市賬率的約0.1倍。
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