《大行报告》野村新城发展(01030.HK)投资者可能需长时间重建信心惟相信短期基本面影响有限
野村发表报告指,据内地传媒报道,新城发展控股(01030.HK)董事长王振华涉猥亵女童於上海被刑事拘留,有关新闻随後被上海市公安局普陀分局证实。其後新城发展董事会决定王振华离任主席一职,并由其儿子王晓松接任。
该行认为,有关事件可能严重损害新城发展的公司管治记录,可能需要很长时间重建投资者信心,目前正重新审视对集团股份的目标价,但相信事件对集团短期基本面(如现金流及日常运营方面)影响有限。
此外,在昨天(3日)股价下跌24%後,该股估值相当於今年市盈率5.4倍,对比中型开发商的平均市盈率为5.8倍。野村不排除可能有长期的负面影响,例如与境内银行和地方政府的潜在关系弱化,但认为其需时进行重估。该行维持对新城发展的「买入」评级及目标价12元。
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