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《大行報告》廣發證券:萬科(02202.HK)經營穩定持續投資 到期負債有序償還
廣發證券發表評級報告指,萬科(02202.HK)今年2月公司實現銷售金額140億元人民幣,按年下跌54%,首兩個月銷售額335億元人民幣,按年跌43%,維持全國前二的位置。 該行指,截止上年第三季止公司母公司貨幣現金餘額260億元人民幣,考慮到上年第四季以來,公司降低土地投資強度,且債務償還壓力較小,預計可支配貨幣現金規模變較小,對於今年公開市場到期債務及其他借款具備較強的保障能力。 該行指,公司多年發展經營性物業,且抵押比例較低,後續若有進一步資金需求,可通過申請發行REITs方式打通退出通道,也可通過經營性物業貸融資,考慮抵押率後可為公司提供超過400億元人民幣的經營性物業貸支持。 該行預計,公司去年及今年歸母淨利潤分別為162億元人民幣、172億元人民幣,分別按年跌28%及升6%。該行給予萬科目標價為16.97元,其評級為「買入」。
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