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《大行報告》大摩恢復覆蓋新世界(00017.HK)予「減持」評級 目標價10元
大摩發表報告,新世界發展(00017.HK)股價年初至今跑輸恆生指數27個百分點,但仍對其維持審慎態度,主要是出售新創建(00659.HK)股份後,淨負債率由68%微跌至62%。惟報告稱,以淨負債1,560億元及債務成本(計及永續債)約5%計,新世界2024財年以現金為基礎淨利息開支仍高達80億元。即使將資本開支大幅減至150億元,負現金流仍然會持續至2024財年。另外,新世界恢復2023財年每股派息0.76元,意味著派息率6.9%,仍低於同業平均的7.6%;計及80億元淨利息支出後,經常性溢利不足以支持19億元股息金額。 另外,新世界的物業發展(DP)銷售放緩且薄利,該行表示基於土地成本高,料其息稅前利潤率達約10%,並估算2025財年利潤率僅7%,受柏傲莊第三期所拖累。而2024財年香港合同銷售或低至70億元,相對2022至2023財年各錄約80億至90億元,2021財年更達420億元。 該行稱,去槓桿是集團獲估值重評的關鍵,但在高利率環境下料進展緩慢。本港合同銷售料維持疲弱,該行留意到按息上限有上行風險。該行予新世界目標價10元,並恢復覆蓋新世界予「減持」評級。
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