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《大行報告》美銀證券降新世界發展(00017.HK)評級至「跑輸大市」 目標價削至12元
美銀證券於上週四(17日)發表報告表示,基於估值及派息風險,降新世界發展(00017.HK)投資評級,由「中性」降至「跑輸大市」,目標價由17元削至12元。 該行指出,美國息率或正見頂及出售新創建(00659.HK)股權套現,認爲新世界發展基本因素已見底,短期流動性狀況已改善。但公司失去新創建收入及本港住宅市況展望疲弱,盈利復甦仍然不平坦。該行認爲進一步減派息爲正確做法,但會令股價受壓。公司可選擇維持較高息率,但將意味在高息環境下加槓桿。 美銀證券估計,出售新創建股權將使新世界發展淨負債率由截至6月的49%降至45%,連同永續債計算則由81%降至72%。該行認爲公司2024財年33億元淨租務收入不足以應付估算的57億元融資成本,扣除新創建股權出售套現,年度實際自由現金流料爲負60億元。但控股公司現金將足夠支付短期債務成本,見不到有短期流動性風險。
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