《大行報告》匯豐研究降碧桂園(02007.HK)目標價至10.7元評級「持有」
匯豐環球研究發表報告指,碧桂園(02007.HK)上半年業績表現符預期,收入錄得強勁增長,主要由於過去數年合約銷售表現強勁,毛利率27.2%亦好於預期。惟該行相信未來增長具有挑戰性,營運規模之大令碧桂園難維持高增長。
雖然如此,相信其高資產流轉率的業務模式有助維持股本回報率,維持「持有」評級。上調每股資產淨值預測至16.5元,惟目標價對每股資產淨值折讓自20%提升至35%,自12元下調至10.7元。
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