《大行報告》瑞銀下調碧桂園(02007.HK)目標價至0.55元 維持「沽售」評級
瑞銀發表研究報告指,碧桂園(02007.HK)2023年上半年的核心淨虧損為454億元人民幣(同下),預計公司未來將持續虧損,並下調2023年全年獲利預測至淨虧損471億元,亦分別下調2024年及2025年的淨係虧損預測至120億元和150億元。
該行亦指出,碧桂園的離岸債券重組計劃與其他違約的發展商類似。並預期碧桂園的重組計劃或會包括削減未償還美元債本金;新票據展期;以及產生股權稀釋影響的債換股計劃。截至2023年上半年,公司的債務總額達2,579億元。
另外,該行亦預計碧桂園每月的建設資本開支為135億元,由於每月合約銷售額低於建設資本開支,該行估計公司已開始放緩建設速度從而減少現金流出。基於持續降價及減損損失,瑞銀分別下調碧桂園2024年及2025年合約銷售增速至-50%及-20%。同時將2023年至2025年公司毛利率預測下調至-11%至+5%。因此,瑞銀將碧桂園的目標價由0.85元下調至0.55元,維持「沽售」評級。(js/k)
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