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里昂降中海外(0688.HK)目标价至31港元评级“买入”
格隆汇 08-23 14:19

里昂发表报告认为,中国海外发展(00688.HK)强劲的经营表现及财务数据方面,均较同业华润置地(01109.HK)及万科(02202.HK)为佳。相对而言,中国海外拥有更高盈利能力,包括核心利润、较低负债率及融资成本,以及今年累计合同销售更理想等方面。

该行补充,中海外现价相当于今年上半年市帐率0.92倍,相对于润地及万科分别为1.38倍及1.74倍,且其派息率稳步上升。

里昂称,即使中海外未入帐销售高达2,860亿元,毛利率高逾30%,惟该行下修其今年盈测2%,以反映入帐步伐放慢。该行重申中海外“买入”评级,且是内房板块的首选,惟目标价由37港元降至31港元,反映对内地经济放缓的忧虑。

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