《大行报告》大摩降碧桂园(02007.HK)目标价至11.52元评级「增持」
摩根士丹利发表研究报告,指碧桂园(02007.HK)上半年收入按年升53.2%至2,020亿元人民币,高过市场预期的按年上升45%水平。毛利率处於27.2%稳定水平,核心盈利按年升23.4%至159.8亿元人民币,好过市场按年升5-10%的预测。
该行指,虽然较低端城市表现放缓,但管理层对10%销售增长有信心。今年首七个月,合约销售按年跌7%至3,250亿元人民币,相当於销售目标5,500亿元的59%,要达成这个目标,今年余下时间公司需要每月销售460亿元人民币,与首七个月水平相若。由於公司下半年可售资源4,820亿元人民币,管理层有信心达成目标。该行将碧桂园目标价由12.82元降至11.52元,评级「增持」。
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