大行評級|美銀:下調萬科目標價至5.4港元 維持“跑輸大市”評級
萬科昨晚發盈警,預計上半年轉蝕70億至90億元,去年同期純利為98.7億元。另外,該集團的骨幹管理人員擬自籌資金2億元,在6個月內自願增持萬科A股股份。美銀證券發表報吿,維持萬科“跑輸大市”評級,將目標價由6.6港元下調至5.4港元。報吿指,雖然萬科上半年虧損較預期多的部分原因是資產減值,但由於萬科出售資產以提高流動性,顯示出盈利前景不佳。該行同時憂慮其中期流動性前景,指注意到公司上半年再融資活動好過預期,但除非經營現金流能夠顯著回升或獲得新的融資來源,否則萬科可能最終會耗盡可用於抵押新銀行貸款的優質抵押品,進而導致其未來再融資需求的不確定性。最後,該行認為公司管理層的增持計劃規模有限。
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