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《大行報告》瑞銀估計碧桂園服務(06098.HK)今年股息或削減至零 減值佔淨利預測75%至96%
瑞銀髮表研究報告指,碧桂園服務(06098.HK)宣佈因應收賬款、商譽和其他無形資產計提減值,預測今年度淨利潤將減少32億至41億元人民幣。瑞銀對碧服今年度淨利潤預測爲約42.6億元人民幣,因此預測減值將佔淨利潤預測的約75%至96%,可能會導致今年度股息歸零。 該行認爲,由於同系碧桂園(02007.HK)離岸債券出現違約,碧桂園服務錄得關聯方貿易應收賬款減值亦是意料中事。根據中期業績,碧桂園服務有約23億元人民幣的關聯方應收賬款,因此預期今次公司已對大部分關聯方應收賬款餘額計提減值。 然而瑞銀指出,碧桂園仍有約160億元人民幣的第三方應收賬款餘額,在內地樓市仍然疲軟的情況下相關應收賬款可能亦需要進行減值。由於缺乏股息的支撐,瑞銀預計碧桂園服務的股價可能會作出負面反應,維持「中性」評級,目標價7.9元。
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