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《大行報告》中金降碧桂園服務(06098.HK)評級至「中性」 目標價下調19%至6.4元
阿思達克 12-21 10:14
中金發表評級報告指,碧桂園服務(06098.HK)核心經營相對穩健,但關聯應收款及商譽等相關減值對報表端仍有拖累,當前經營環境下未來或仍有一定減值壓力,且上行催化劑有限。 中金表示,考慮到公司暫未停止與關聯方的往來業務,預計未來關聯應收款減值仍有不確定性;今年上半年公司商譽賬面金額為179億元人民幣,考慮到當前經濟環境壓力,中金預計未來公司的商譽減值風險或亦有待進一步消化。 中金指,2022年公司在計提17.4億元人民幣商譽減值的基礎上仍基於核心淨利潤的25%進行派息,預計在整體經營穩定的情況下,公司或仍有望維持派息。 中金表示,將公司今年歸母淨利潤預測下調89%至4.5億元人民幣,明年則下調12%至38.8億元人民幣,主要考慮應收賬款減值撥備以及商譽減值等影響。該行將其目標價下調19%至6.4元,其評級降至「中性」。
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