《大行報告》瑞銀下調新世界(00017.HK)目標價至17.7元 評級「中性」
瑞銀發表報告指,與投資者的討論顯示,由於近期人民幣快速貶值,加上同業的毛利率表現疲弱,投資者對新世界(00017.HK)的高負債和現金流的憂慮正在增加。
瑞銀表示,新世界自2017年起積極在港收購13個項目,在內地亦有8個城市更新項目,因此即使沒有其他土地收購,集團於2023至2024財年或仍有510億元的資本開支。然而,由於期間錯配及明年9月後的債券到期,該行預計新世界短期內不會將槓桿降低,並關注集團現金流的問題,估計其或有100億元的現金短缺。
若集團的資產出售/合約銷售表現令人失望,瑞銀不排除其有進一步削減派息的可能性,以及假設發行股權的下行情境。該行下調新世界股份目標價,由20元降至17.7元,評級維持「中性」。
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