《大行報告》瑞銀削碧服(06098.HK)目標價至7.9元 評級「中性」
瑞銀發表報告指,由於盈利增長放緩及碧桂園(02007.HK)的流動性風險,將碧桂園服務(06098.HK)目標價由12.3元下調至7.9元,相當於預測明年盈率5.5倍(此前為6.5倍),維持「中性」評級。
該行提到,自2021年7月以來,碧桂園及碧桂園服務的股價的相關程度高達98%,因此碧桂園兩隻境外債券未能兌付票面及9隻境內債券延期會拖累碧服股價。另外,市場亦憂慮控股股東兼主席楊惠妍進一步出售股份。由於上半年業績未能實現收入增長,加上利潤率壓力,該行將碧服2023至2025年的每股盈測下調14至26%,並將每股盈利複合年增長率預測下調至5%。
瑞銀表示,截至9月12日,碧桂園服務共斥2.9億元回購0.89%的股份,其股價於9月1日至12日期間上升10%。惟自9月13日起,公司並未繼續進行回購,股價亦自此下跌24%。該行認為,雖然集團截至今年上半年末的淨現金相當於當前市值的45%,但其可能難以將境內現金轉移到境外以執行回購。
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