《大行报告》瑞银下调易居企业控股(02048.HK)目标价至11元 评级「买入」
瑞银发表研究报告,指维持看好易居企业控股(02048.HK)在一手市场经纪行业的良好定位,认为虽然疫情影响物业销售,但公司对实地销售业务的取态渐由增长转至更着重质量,该行调降公司2020-22年每股盈利预期27-29%,但指边际利润复苏有潜在上行空间,并相信公司会受惠下半年新推出更多项目,以及现金流情况改善,目标价由11.5元略降至11元,评级「买入」。
该行调降公司2020-22年在地销售预测33-38%,以反映疫情及公司主动削减无利可图或消耗现金的项目,预期今年在地销售录3%增长,受惠发展商下半年新项目增加。
该行又指,对公司分销业务(易居房友)维持正面看法,认为今年分销收入可增50%至2,000亿元人民币。
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