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《大行報告》大和降龍湖(00960.HK)目標價至10.6元 短期沒有存活問題
阿思達克 03-12 09:45
大和發表報告,考慮龍湖集團(00960.HK)日前發盈警,降其2023至2025年各年每股盈測介乎25%至27%,收入預測降4%至9%,並降毛利率預測至介乎16.8%至19.3%,目標價相應降13%,由12.2元下調至10.6元,但仍然維持「跑贏大市」評級。 龍湖預計去年核心溢利將按年跌45%至50%,主要受入賬收入減少及物業開發毛利率下降所拖累。不過,大和認為龍湖短期償債能力仍然完好,短期沒有存活問題,且預計其將受益於內地房市政策支持。 報告稱,龍湖去年積極降低債務規模並優化債務結構,並錄得正面營運現金流。更已於3月8日獲得新經營性物業貸款,用於提前償還將於2024年12月到期的46億元人民幣商業房地產抵押貸款支持證券(CMBS),並已全額償還2024年第一季度到期的在岸公司債券,及為5月到期的在岸公司債券償還準備了資金。加上公司手頭現金充裕,截至2023年6月底約有710億元人民幣,其中約30%鎖定在預售專用賬戶中,大和指這可起緩衝作用。
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