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《大行報告》美銀證券降雅生活(03319.HK)評級至「跑輸大市」 目標價下調至11元
美銀證券發表研報指,雅生活(03319.HK)目前質押約6,560萬股,佔流通股的4.6%,帶來技術性隱憂,同時對母公司雅居樂(03383.HK)增長擔憂,將雅生活的評級從「買入」下調至「跑輸大市」。 該行指出,雅生活對非業主住戶增值服務業務(VAS)高度依賴,分別佔總收入及毛利的約20%及約30%,考慮到業務前景較弱,以及負債較多,預期雅居樂將保留現金用於償還債務,近期資產處置將拖累增長前景,將2022至2023財年核心淨利潤預測下調10%至11%,並將非業主增值服務收入預測削減90%,預期合同管理樓面增長放緩,將目標價相應由19元降至11元。 即使市場憧憬內地房策放寬,該行中期偏好風險回報更佳的中海物業(02669.HK)及碧服(06098.HK),因增長更具可持續性。
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