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《大行報告》美銀美林降恆大(03333.HK)目標價至25.4元估值吸引重申「買入」評級
阿思達克 08-12 11:46

美銀美林發表研究報告,指出在中國恆大(03333.HK)發出上半年業績的盈利預警後,將其盈利預測下調,2019至2021財年的核心盈利預測分別下調17%至20%,並將其目標價調低18%,由30.9元降至25.4元。該行預期,2019財年的核心盈利按年下跌10%,由於估值吸引及高股息率(2018財年分派料相當於逾7%股息率,預期年底宣布),重申其「買入」投資評級。另外,預期上半年的淨負債比率將與去年底相似(即152%),因為新能源汽車的投資支出,抵銷了土地併購減少的影響。

該行稱,恆大發盈警料主因去年上半年收入高基數所拖累,由於土地成本仍低,料毛利率並未有惡化。美銀美林表示,今年首七個月,公司的合同銷售按年下跌7%至3,220億元人民幣,合約銷售均價下跌5%至每平方米9,002元人民幣。目前公司已完成全年銷售目標的54%。

美銀美林表示,由於去年下半年比較基數大幅放緩,該行預期恆大2019財年的合同銷售將有所增長,全年目標仍然可以實現。

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