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《大行報告》大摩調整融創(01918.HK)今明兩年盈測 項目延遲入賬已價內反映
阿思達克 04-16 09:42
摩根士丹利發表報告指,受疫情影響,融創中國(01918.HK)有部分項目工程被延誤,入帳亦因此有所延遲,預期今年入帳的歸屬收入將增長35%,較早前預期低5%;核心盈利增幅亦降低10%至升15%,因此將今年盈利預測下調10%,並將2021年盈利預測上調5%。

報告指,預期去年下半年融資成本增加,毛利率將由2019年的24.5%略降至今年的22.4%。但該行亦提醒,工程延遲導致入帳延遞,2021年及之後已銷售未結轉總收入將達到9,500億元人民幣,支持公司未來增長,預測2021年盈利將升42%。

大摩表示,融創上半年業績有望向好,在疫情打擊下核心盈利預期仍會略微增長;集團加強去槓桿,預計年底淨負債比率將降至130%,加上物業管理業務潛在分拆機會。大摩重申「增持」評級,目標價55.23元反映較資產淨值折讓40%,強調融創仍為行業首選股,相信延遲入賬的影響已反映在股價之上。(gc/k)

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