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《大行報告》摩通料碧服(06098.HK)未來數年商譽進一步減值空間巨大 重申「減持」評級
就碧桂園服務(06098.HK)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,摩根大通發表報告表示,投資者長期以來一直擔心碧桂園服務來自碧桂園(02007.HK)應收帳款可能被減值計提及其商譽進一步減值,就碧服最新公司公告鞏固市場擔憂的看法。 該行指,隨著碧桂園持續面臨流動性壓力,相信碧桂園服務必須減值計提幾乎所有來自碧桂園的應收帳款。而且即使之後考慮到公告中所述的潛在商譽減值,指相關商譽餘額仍然很大,仍然看不到「隧道盡頭的曙光」(如商譽減損將會增加多少),料最終需要在隨後的幾年中完成。摩通重申對碧桂園服務「減持」評級及目標價5.9元,預期股價會出現負面反應。
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