龍湖、合景泰富、新城發展、富力及旭輝挫6%-11% 遭高盛降盈測兼削價
高盛下調10間民營內房盈測及目標價,相關今天全面捱沽兼跑輸國企同業,尤其是遭高盛削價51.6%至2.7元維持「買入」評級的旭輝控股(00884.HK)失守早前所創52周低位1.78元,最低見1.61元,為2016年底以來最低,現報1.63元,續跌11%,成交增至1.98億股。
遭高盛削價45%至1.7元合景泰富(01813.HK)續跌6.5%報1.43元。遭高盛削價6.7%至1.4元富力地產(02777.HK)低見1.51元,現報1.52元,回吐7.9%。遭高盛削價22%至39元重申「買入」評級的龍湖集團(00960.HK)重失10天線(27.2元),最低見26.25元,現報26.35元,續跌6.2%。遭高盛削價27%至3.5元的新城發展(01030.HK)續跌7.4%報2.52元。遭高盛削價21%至3元的雅居樂(03383.HK)跌5.6%報2.55元。
遭高盛削價25%至1.2元寶龍地產(01238.HK)續跌4%報0.97元。遭高盛削價25%至0.4元禹洲集團(01628.HK)續跌6.3%報0.295元。遭高盛削價18%至2.7元藍籌碧桂園(02007.HK)兩連跌,最低見2.26元,現報2.33元,續跌3.7%。
高盛指,受評10家民營內房開發商上半年核心利潤平均按年降86%,收入降23%,毛利率跌至20%,總資產首次萎縮。報告指,雖然民營房企有息債務總額較2021年底平均下降5%,但再融資風險仍然揮之不去,短期債務比例上升至34%,高於2021年底27%。同時,民營房企現金餘額也較2021年底平均下降35%,平均有55%總現金儲備受到限制,其中有部分房企限制比率高達約90%。此外,高盛又預期,民營房企未來三年毛利率及淨利潤率僅保持平均18%及5%低水平,故將10家受評民營房企未來三年盈測平均下調逾20%,目標價平均下調25%。
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