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《大行報告》美銀證券下調時代中國(01233.HK)目標價至16元 重申評級「買入」
阿思達克 03-11 09:53
美銀證券發表研究報告指,時代中國(01233.HK)2019年核心淨利潤按年增長30%,高出預期約8%,整體業績表現穩健,相信長遠前景不俗,但認為管理層訂立2020年銷售目標較保守。

報告指出,儘管去年業績表現強勁,但由於對市場需求回暖感擔憂,時代中國今年的820億元人民幣銷售目標,僅較去年銷售額提升5%,對照期內約1,500億元人民幣可售貨值,即預期銷售去化率約55%,較2019年的60%審慎。

考慮到今年房地產銷售或放緩,美銀因此約2020至2021年每股盈利預測下調1-4%,目標價由16.4港元下調至16港元。該行對時代中國城市更新項目仍有信心,料可支持毛利率維持較高水平;又指假若市場需求回復,該公司也可相應地增加可銷貨值,令全年銷售額提升至900億至1,000億元人民幣,重申「買入」評級。

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