《大行報告》花旗降綠城中國(03900.HK)目標價至6.19元 評級「沽售」
花旗發表研究報告,指綠城中國(03900.HK)的盈利能力已在2018年及2019上半年見頂,料將會在2019下半年及以後錄得下滑,有見其未入帳銷售的毛利率僅得20%至25%,低於2018財年及2019上半年(經調整基礎計)的介乎31至32%。
報告稱,由於綠城的銷售及行政開支高企等原因,導致其2018年及2019上半年的核心毛利率僅分別錄4.5%及7.2%,並預期此表現會在未來三年繼續走低,儘管管理團隊致力於提高效能。
綠城的目標是在今年達到1,400億元人民幣合同銷售,但花旗預期毛利率下降將會大部分抵銷入帳收入增長。維持其「沽售」投資評級,目標價由原來的6.22元下調至6.19元。
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