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《大行報告》匯豐研究降遠洋集團(03377.HK)評級至「持有」 目標價下調至2.3元
阿思達克 03-26 09:49
匯豐研究發表報告,將遠洋集團(03377.HK)評級由「買入」降至「持有」,指出集團今年再度交出令人失望的業績,維持過去兩年弱勢。基於集團業務執行能力及盈利前景具不確定性,將目標價由3.1元下降至2.3元。

報告指,儘管遠洋集團2019年收入增長23%,但核心利潤仍較該行及市場普遍預期低42%和36%,主要由於2018年度的一次性出售寫字樓項目。該行指出,淨利潤同時受到其他因素影響,例如財務成本高於預期及較高的少數股東權益扣除,期內核心盈利下降更導致股息率從40%降低至35%,認為以其資產負債表強度而言不應如此。

該行表示,期內集團合約銷售雖錄得增長,但未能達成銷售目標,較達標甚至超標的同行遜色,考慮到少數股東權益扣除額上升及財務成本高於預期,將2020至2021年核心盈利預測下調43%及50%,至按年增長18%及17%,並估計2022年核心利潤將按年升15%至約33億元人民幣。

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