美銀美林:維持中國海外(0688.HK)“買入”評級 目標價34港元
美銀美林發表報告指,中國海外(0688.HK)
今年首九個月的收入及經營利潤分別增長9.9%及28%,單計第三季收入增長1.8%,經營利潤則下跌1%,相信集團在第三季的盈利表現下降是由於入賬問題,該季盈利貢獻屬季節性地較少,去年佔比僅為13%。由於交付較慢,該行下調對中海外今年的每股盈利預測2%,但因年初至今的合約銷售強勁,明年及2021年的每股盈測分別上調1%及5%。
美銀美林又維持對集團的“
買入
”評級及目標價34港元,認為其合約銷售增長及資產負債表強勁,而且目前估值吸引,相當於明年市盈率5.8倍。
該行又稱,集團今年以港元計的盈利似乎落後其合約銷售表現,相信主因毛利率下降及人民幣貶值約5%。假設人民幣再無大幅貶值,美銀美林預期中海外明年的盈利增長將會加快至15%-20%,有助股份重新評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.