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《大行報告》交銀國際降雅居樂(03383.HK)目標價至1.16元 積極推進保交付
交銀國際發表研究報告指,雅居樂(03383.HK)今年首十個月的合同銷售總額為396.9億元人民幣,銷售面積約266萬平方米,平均售價為每平方米14,918元人民幣。包括11月的銷售額在內,公司年初至今之合同銷售額已超過400億元人民幣。雖然一手市場去化率在第二及第三季有所下降,但集團每月的平均銷售額約保持40億元人民幣。該行相信,這足以覆蓋每月的營運成本及建設資本開支。 該行提到,由於集團的撥備增加及去化困難,上半年的毛利率僅為約10%,而集團預計開發利潤率將保持約10%。該行表示,即使雅生活(03319.HK)的利潤率貢獻不斷增加,仍然預計雅居樂2023至24年的整體毛利率維持在20%以下。另外,由於集團銀團貸款的期限過去已獲多次展期或續貸,相信之後的兩隻中債增債券亦可獲延期。 該行表示,集團是極少數離岸美元債券未有違約並能夠展期大部分債務的民企業開發商之一。該行將其目標價下調至1.16元,維持買入評級,相信一旦出台政策效果顯現,公司仍能重拾買家信心和提高市場份額以改善利潤空間。
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