《大行報告》瑞銀降融創(01918.HK)目標價至55.1元 毛利下跌及入賬收入延後
瑞銀發表研究報告下調融創(01918.HK)2020-22年盈利預測7-10%,以反映今年入賬收入和利潤指引下降,預期今年純利介乎289-320億元人民幣,目標價降9%至55.1元,預期公司在去槓桿後,股份可獲重估,維持「買入」評級。
該行指,管理層預期今年毛利率介乎20-25%,相對2019年為25%。瑞銀亦將融創2020-22年毛利預期由25%降至21%,因應新冠肺炎疫情,預期今年的項目至少會有兩個月的延期,故降今年收入預期約8%,並假設該部份列入在明年收入。
管理層清晰表明會針對改善盈利和去槓桿,瑞銀認為有關策略正面,但今明兩年合約銷售增長將放慢至8%及5%。
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