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《大行报告》花旗降绿城中国(03900.HK)目标价至6.19元 评级「沽售」
阿思达克 08-28 10:20

花旗发表研究报告,指绿城中国(03900.HK)的盈利能力已在2018年及2019上半年见顶,料将会在2019下半年及以後录得下滑,有见其未入帐销售的毛利率仅得20%至25%,低於2018财年及2019上半年(经调整基础计)的介乎31至32%。

报告称,由於绿城的销售及行政开支高企等原因,导致其2018年及2019上半年的核心毛利率仅分别录4.5%及7.2%,并预期此表现会在未来三年继续走低,尽管管理团队致力於提高效能。

绿城的目标是在今年达到1,400亿元人民币合同销售,但花旗预期毛利率下降将会大部分抵销入帐收入增长。维持其「沽售」投资评级,目标价由原来的6.22元下调至6.19元。

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