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《大行》里昂升新城發展(01030.HK)目標價至2.92元 維持跑贏大市
里昂研究報告指,新城發展(01030.HK)成功發行3億美元優先票據,是2023年以來首宗內房私企發行的美元債,反映市場對其資產負債表的信心。該行認爲集團擁有豐富的融資資源,流動性風險非常低;將2025年盈利預測下調68.8%,以反映物業發展虧損增加,但因目標倍數提高,目標價由1.88元升至2.92元,維持「跑贏大市」評級。 該行指,基於國內目前的低利率環境,以及房託基金的估值重新調整,認爲集團可透過分拆旗下物業爲房託基金或其他證券產品來釋放價值。隨着集團逐步處理資產並償還相關貸款,住宅物業開發業務的負擔可能會減少。該行認爲集團目前可被視作一個擁有穩健資產負債表的商場地主而非開發商,因其物業開發業虧損的規模正在縮小。
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