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《大行報告》麥格理升中國金茂(00817.HK)目標價至7.56元 評級「跑贏大市」
阿思達克 03-05 10:23
麥格理發表研究報告指,金茂(00817.HK)將於3月尾公布全年業績,預期公司收入增長33%,盈利升23.4%。毛利率會回復正常化至32.1%,主因物業銷售利潤降低,及較少賣地收入入賬所致,核心盈利升23.4%至63億人民幣,預期派息比率維持在40%,負債率進一步改善(2018年底79%、2019年6月底78%)。目標價上調8.9%至7.56元,評級「跑贏大市」。該行指,物業銷售近期受新型肺炎疫情影響,武漢佔公司4%的可售資源,及6%土儲比例,目前業務已經開始回復,70-80%的銷售辦公室已經重開,但未完全恢復全面運作,74-75%的建築項目已獲准復工,實際復工率只有約65%,預期會於3月尾有進一步改善。公司今年合約銷售目標2,000億元人民幣,在疫情發生前,該行認為有關預算較保守,相信可售資源超過3,000億元人民幣,較去年增加25%。若公司需要達標,今年3月至12月銷售增長需達31%。
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