摩通降中国海外(0688.HK)目标价至35.5港元评级“增持”
摩根大通报告指出,中国海外(00688.HK)业绩稍逊预期,按人民币计算,核心利润按年增13%,惟因人民币兑港元自6月起贬值,若以港元计算,其利润仅升8%。该行表示,中海外是唯一一家内房以港入账,因此人民币贬值带来的影响较明显。

该行指,投资者对中海外信心不大,过去五个月股价已低於账面值。为了追上其他大型内房之估值,集团利润需要有中双位数增长,派息比率增至35%,及建立持续的租金收入。虽然该行认为集团最终可达到上述目标,但需要较长时间,中海外于板块中仍较落後,相信其目前较其他大型内房估值折让已足够,料不会进一步扩大,因此维持评级“增持”,目标价由38港元降至35.5港元。
假设人民币兑港元为1.12,该行预期,集团2019及2020年核心利润分别为450亿元及520亿元。
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