《大行》花旗:萬科(02202.HK)短期紓困 維持「中性」評級
花旗研究報告指,萬科企業(02202.HK)憑藉母企、政府及銀行的支持,短期已紓困,預期2027年前無境外公開債務到期,且下半年可能獲取新項目。公司正精簡其位於重點城市的核心業務佈局,優化資本結構,與深圳地鐵協同整合資源,並透過技術升級提升營運效率。
管理層承諾透過合理銷售規模、正向經營現金流、資產活化、REITs擴張及非核心資產處置等措施,增強經營與財務能力。雖然受毛利率下跌及全年交付量預期下跌38%至11.2萬影響,且預計2025年將出現淨虧損,該行仍維持萬科「中性」評級,目標價5.47元。
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