《大行報告》高盛削中國恆大(03333.HK)目標價至3元 評級降至「沽售」
高盛發表報告,將中國恆大(03333.HK)投資評級由「中性」下調至「沽售」,目標價由15.6元大幅降至3元。報告稱,恆大本年至今累跌約74%,主要由負面新聞如經營及流動性問題,以及物業銷售折扣擴大所帶動。
考慮行業前景變得更具挑戰性,今年餘下時間及明年物業銷售料分別按年跌14%及5%,當中計及料現時至明年底止降價7%,該行料恆大去槓桿過程顛簸,售樓折扣或進一步擴大,以及有可能需要剝離資產。
高盛降恆大2021至2023年各年每股基本盈測分別2%、44%及51%,將明年底每股資產淨值(NAV)預測大削81%,至3.97元,以反映預計其住宅售價每年再下降5%、公司將出售土儲、非物業發展業務股權投資公平值由今年4月初水平下跌37%。該行又說,由於恆大年內並無債券到期,今年餘下時間面對的流動性壓力相對溫和,但壓力有可能在明年和後年加劇。
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