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大和:中海外(0688.HK)未入帳銷售提供可觀緩衝 降目標價至34.3港元
格隆匯 03-30 12:04

大和發表研究報告指,中國海外發展(0688.HK)於去年底未入帳合同銷售額達2750億元人民幣,將可為其未來3年利潤前景提供可觀的緩衝,並預期公司租金收入將加速增長,重申對其“買入”評級,惟下調其目標價由36.6港元降至34.3港元。

大和指,撇除中海外更改報表呈列貨幣後,去年盈利按年升14%,較該行預期為低,主因其總建築面積量低預期14%;毛利率雖按年下跌,但仍維持於33.7%的健康水平,而公司亦持續進行成本控制。考慮到施工工程及單位交付可能出現延遲,該行下調中海外今、明兩年每股盈利預測19%-23%;同時下調今年底資產淨值預測6%,以反映新冠狀病毒疫情帶來的挑戰。

大和又指出,中海外正在發展中的72個商業地產項目,總建築面積達440萬平方米,將可推動未來幾年租金收入增長。

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