《大行報告》花旗:碧桂園(02007.HK)去年核心盈利輕微優預期 負債比率回落
花旗發表的研究報告指,碧桂園(02007.HK)去年業績表現穩健,核心盈利增長18%至401億元人民幣,稍高於該行下調了的預期,但就低於原先預期的增長25%。期內核心利潤率跌至8.3%,而毛利率則跌至26.1%,認為公司資產負債表強勁,淨負債比率由2018年的49.6%降至46.3%,但整體債務則增長至3,695億元人民幣,去年派息增15%至每股0.5712元人民幣,派息比率企穩在31%的水平,意味股息率為6.2%。
該行指出去年公司核心盈利401億元人民幣,按年增長18%,主要是受惠收入增長28%至4,859億元人民幣,期內物業交付規模較大,涉5,650萬平方米。期內毛利率跌至26.1%,相比去年上半年為27.2%,2018財年為27%,核心利潤率則跌至8.3%。
花旗暫時維持碧桂園「中性」評級,目標價12.36港元,料今日下午分析師會議會提供更多資料。(el/u) ~
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