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瑞信:维持易居企业(2048.HK)评级“跑赢大市” 目标价12.9港元
格隆汇 08-28 11:17

瑞信发表研究报告,指易居企业(02048.HK)中期业绩表现差过预期。核心盈利按年上升3.5%至5.8亿元人民币,占该行的全年预测36%。不派发中期息。

期内,经纪业务销售额的增长优於预期,按年升395%至502亿元人民币,令业务达致收支平衡。该行估计经纪业务销售将会持续录得强劲增长,在2018至2021财年期间录得年复合增长率89%。同时,由於成本变动很小,此业务的毛利率将会录稳步增长。

该行将公司2019至2021财年的盈利预测分别下调14%、17%及21%,以反映核心盈利增长慢过预期,目标价由原来的15港元下调至12.9港元,认为其估值不高,维持“跑赢大市”投资评级。

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