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《大行報告》花旗降新世界(00017.HK)評級至「沽售」 目標價下調至9.2元
花旗發表報告,將新世界發展(00017.HK)評級由「中性」降至「沽售」,目標價由13.85元下調至9.2元。 花旗表示,新世界在艱難宏觀環境下營運,主要因為其香港住宅項目主要集中在啟德/黃竹坑,該行看淡本港住宅樓價,預計新世界銷售將放緩,毛利率將下降。新世界較重視內地住宅項目,估值受到拖累。再者,新世界負債比率仍然很高,持續錄得負現金流。 該行認為,新世界決定以220億港元出售新創建(00659.HK)權益屬正面,但由於預期香港房地產銷售疲軟弱,離岸債券及利息支付開支續高企,故並不足夠,相信需要更激進的去槓桿計劃,包括潛在股權融資。
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