大行評級|瑞銀:碧桂園服務發盈警 重申“沽售”評級 目標價為2港元
碧桂園服務較早前發盈警,預期截至今年6月底止上半年,中期未經審核歸屬於股東的淨利潤介乎約13.6億至15.5億元,按年減少34%至42%。瑞銀髮表研報指,由於內地物業管理行業正面臨利潤率下行壓力,加上其對關連開發商碧桂園應收賬款風險存在不確定性,因此該行仍對碧桂園的減值風險及利潤率惡化情況感到擔憂。
瑞銀亦指,碧桂園2022及2023年大部份的減值準備均於下半年進行。截至2023年底,公司的未收回第三方應收賬款餘額156億元。該行認為碧桂園的全年盈利有下行壓力,故將其目標價定於2港元,重申“沽售”評級。
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