大行評級|花旗:大幅削減碧桂園服務目標價至4.2港元 評級降至“中性”
花旗發表報吿,將碧桂園服務評級由“買入”降至“中性”,並降2024至2026年盈測介乎13.5%至23.8%,目標價由7.6港元大幅削減至4.2港元,認為公司需要付出更多努力來穩定營運,上半年公司業績疲弱,有需要立即採取措施來應對。花旗稱,碧服應收帳款達到220億元,相當於全年利潤的約6倍,因此有需要採取更精確的措施來控制風險。由於公司自2020年下半年以來各主要業務板塊利潤率持續下跌,預計公司未來兩年正常化毛利率及淨利潤率,分別為18至20%,以及7至8%。花旗稱,碧服上半年合同管理面積較去年下半年僅增長0.1%,由於客户滿意度、AIoT升級以及新業務發展等的投資尚未轉化為利潤,預計2026年盈利將持續下跌至32億元。
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