《大行報告》摩通下調碧桂園服務(06098.HK)評級至「中性」 一舉降碧桂園(02007.HK)評級至「減持」
摩根大通發表研究報告指,碧佳園(02007.HK)配股價接近5年低位,預期將引發投資者對其流動性狀況的憂慮,不過碧佳園作為內地監管部門選定五家示範房企之一,近日獲批准發行在岸債券,預期若當局持續支持房企再融資,公司亦可成為其中一家倖存的民營房企。
但摩通亦認為,配股引發的憂慮短期內將對股價造成影響,同時拖累同系碧佳園服務(06098.HK),因此將碧佳園評級由「增持」一舉降至「減持」,目標價由7.6元降至2.5元,碧佳園服務評級亦由「增持」降至「中性」,目標價由58元降至21元。
除市場情緒受到影響外,該行又指出,碧桂園服務基本面亦走弱,因為由於業務具關連,投資者可能擔心碧佳園或出售碧桂園服務的股份以換取資金,惟到目前為止未見到相關動作。
該行預計碧桂園服務上半年核心淨利潤將按年增長20%至25%,低於全年增長40%的指引,當中有部分是疫情影響到增值服務收入的緣故,認為全年實現40%增長越來越困難,加上不少更具防守性的同業,碧桂園服務或迎來拋售壓力,但相信集團未來一個月進行配股的可能性較低。
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