《大行》匯豐研究:嘉里建設(00683.HK)現金流為股息穩定性提供能見度 微升目標價至22.6元
匯豐環球研究報告指,嘉里建設(00683.HK)上半年業績表現疲弱,基礎溢利按年跌30%符預期。公司業務進展順利,與管理層計劃一致,包括去槓桿進程和物業銷售。管理層預計下財年淨負債率將降至介乎約30%至33%,此前指引介乎約33%至37%,受惠上海金陵華庭項目實現較高銷售價格。公司預計下一期銷售價格或更高。
該行指,公司截至6月底淨負債率按年降3.1個百分點至38.4%。雖然合約銷售與收入入賬存在時間差,但公司現金流狀況應繼續改善,為股息穩定性提供良好能見度。基於預測2026年6.5厘的股息率,維持該股「買入」評級,目標價由22.3元輕微上調至22.6元。
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