瑞信升万科(2202.HK)评级至“跑赢大市”目标价上调至35.6港元
瑞信发表报告指,万科(02202.HK)上半年核心盈利按年增长29%至118亿元人民币,达成该行全年预测之28%,高於去年同期达成之26%。
报告称,万科资产净值(NAV)折让接近较历史均值低出一个标准差,料市场过度忧虑其首七个月销售减速,但忽视了其盈利有质素增长及资产负债表优於同业。此外,该行留意到管理层立场更趋进取。考虑到风险回报状况改善,该行上调万科评级,自“中性”升级至“跑赢大市”。

报告称,截至6月底止,基于尚有6,220亿元人民币销售未入账及具体面的毛利率,该行料万科可达成2018年至2021年盈利年复合增长率17%。该行上调今明两年盈测分别2%及1%,同时升每股NAV预测3%,以反映新收购土储,目标价相应自35.3元稍上调至35.6元。
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