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《大行報告》中金下調碧桂園(02007.HK)目標價至14.06元維持「跑贏行業」評級
阿思達克 07-17 15:19

中金發表研究報告,預期碧桂園(02007.HK)今年上半年的核心盈利按年增長9.2%至141億元人民幣。雖然交付能力強勁以及有健康的毛利率水平,但認為上漲的銷售及行政開支及少數股東權益將會蠶食盈利表現。

該行認為,碧桂園資產負債表維持健康,預期截至今年上半年止,淨負債比率約60%,首五個月的土地成本佔銷售額42%。另外,認為其平均融資成本料會由2018年的6.1%有所下降。

中金預期,公司今年的銷售額達5,270億元人民幣,按年升5%。上半年銷售額下跌9%至2,820億元人民幣,部分原因是高基數效應所致,預期每月銷售增長將會自7月起提速,因為基數較低以及有更多項目推出市場,相信公司今年的盈利增長仍有望達到20%。

該行維持碧桂園「跑贏行業」評級,目標價下調10%至14.06元,以反映上半年差過預期的業績將帶來股價短期波動。但認為7月起銷售急速增長將會提高公司全年銷售及盈利的能見度,並提振投資者的信心。

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