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《大行報告》摩通降新世界(00017.HK)目標價至8.9元 去槓桿尚未取得實質進展
摩根大通發表研究報告,預期投資者閱讀新世界(00017.HK)截至去年12月底止上半財年業績時,最關注其信貸指標。然而該行認為新世界在去槓桿方面尚未取得實質進展,部分是由於資產處置速度較預期慢。 摩通表示,在基本假設中,考慮到新世界獲母公司支持,並依賴優質投資物業,相信不會出現債務違約,但認為投資者或要見到更多關於資產負債比率改善,以及流動性壓力緩解的證據,股價表現才有可能改善。 因此摩通維持予新世界「減持」評級,並將目標價由11元下調至8.9元,2024及2025財年經調整每股盈利預測由0.72及1.38元,下調至0.53及0.64元。 報告指,新世界上半財年列賬純利15億元,按年升16%,但三分之二純利被永續債償付支付所蠶食,期內持續經營業務純利按年跌13%至5.02億元。公司削派中期息,按年降57%至每股20仙。倘其列賬核心純利剔除利息、稅務、永續債償付,則新世界上半財年實際上錄經調整核心虧損。不過,公司核心業務表現仍穩固。
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