大和:下調美聯(1200.HK)目標價1.7港元 重申買入評級
大和發表研究報告指,美聯集團(1200.HK)去年虧損6900萬港元(單位.下同),主因期內營運成本按年下跌0.2%,被收入跌2.5%的負面影響所抵銷。然而,集團資產負債表似乎仍強勁,其淨現金達6.63億元,料有能力應對未來的挑戰,重申其“買入”評級,目標價由2.07元降至1.7元。
大和認為,儘管美聯出現經營虧損,但手頭上淨現金僅按年跌3.3%,反映集團可保持健康的現金流狀況。同時,集團主席及全體執董均已自願減薪,加上美聯一直在關閉分店及裁員,相信將有助降低今年及以後的成本。該行相信,美聯目前策略是降低成本以渡過低迷時期,及等待行業復甦,估計成本控制及市場份額擴張策略將成為2020-22年利潤前景的關鍵。
大和又指,美聯摺合每股淨現金約0.92元,相等於目前股價的94%。加上政府於去年10月提高按揭保險的樓價上限後,將可刺激二手市場成交,對地產經紀有正面影響。
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