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《大行報告》摩通:以陷入困境同儕計算旭輝(00884.HK)隱含估值每股0.29元 旭輝永升服務(01995.HK)為每股1.59元
摩根大通發表報告指,旭輝控股(00884.HK)及旭輝永升(01995.HK)今日(27日)復牌,標誌內房及物管股停牌潮結束,統計同業股份在復牌後的表現,內房發展商平均在復牌後一日下跌56%,五日跌63%,物管股復牌一日跌26%,五日跌37%。不過不同股份停牌時期不同,因此並不反映旭輝及旭輝永升的跌幅。 以陷於困境的內房同業作基礎,若平均2022財年市賬率(P/B)0.14倍,旭輝的隱含估值為每股0.29元,較停牌前成交價低61%。母公司陷於困境的物管股,若平均2023財年市盈率(P/E)5.4倍,旭輝永升的隱含價值每股1.59元,較停牌前成交價低48%。 該行認為,旭輝的流動性壓力難以在短期內解決,因為旭輝是2022年首批獲政府支持發行在岸債的私營發展商,難再以相同渠道融資,加上樓市銷售仍然疲弱,而現金對短債覆蓋只有0.27倍。 該行指,旭輝減持旭輝永升未有新消息,除非旭輝永升完全脫離旭輝,避免資金被錯誤運用的風險,否則市盈率仍有壓力,但現時市場併購意願仍然低迷。
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