《大行報告》美銀證券:恆大地產獲戰投同意繼續持股 料對內房股影響正面
美銀證券發表報告指,中國恆大(03333.HK)昨宣布與恆大地產的部分戰略投資者達成協議,目前有至少三分之二戰投同意不要求進行回購,並承諾繼續持股,洽談結果較該行預期更佳,相信可消除市場對公司的擔憂,予目標價18.6元,評級「中性」。
報告指出,與戰投談判進度良好,有助恆大維持與銀行及金融機構的關係,避免信貸狀況惡化及影響短債再融資,亦可消除買家對樓盤最終能否成功交付的疑慮。
該行亦認為,新協議下戰投不再對恆大地產有新的盈利要求,事件對內房行業有正面影響,預期有助刺激恆大及行業股價回升。但美銀亦提醒,恆大積極去槓桿,加上市場政策有潛在收緊可能,其利潤率或受壓,傾向揀選世茂(00813.HK)及旭輝(00884.HK)等高質量私營房企,分別予目標價8.3元及40元。
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