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《大行報告》大摩料碧桂園服務(06098.HK)未來數年還有約67億人幣商譽及第三方貸款潛在需減值計提
碧桂園服務(06098.HK)今早股價急挫11.1%報6.15元,成跌幅最大藍籌股。就碧桂園服務基於謹慎性原則,按關聯方所欠集團的貿易應收款項進行計提減值撥備18億至23億人民幣;及就商譽及其他無形資產減值計提14億至18億人民幣。因此,預計2023年度淨利潤將減少32億至41億人民幣,摩根士丹利發表報告指碧桂園服務上述減值計提符合該行預期,但估計公司未來幾年將出現更多減值,並且關注其派息政策。 該行認為,碧桂園服務上述減值計提反映來自碧桂園(02007.HK)應收帳款78%至100%、以及約29%具較高風險的商譽因素。但該行亦估計碧桂園服務未來數年還有約67億人民幣及第三方貸款潛在作出減值計提。 大摩表示,碧桂園服務暫停股份回購,相信公可藉穩定現金流以作派息,提升股東回報。該行維持對碧桂園服務「減持」投資評級及目標價6.04元。(wl/k) ~
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