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摩通:予中海外(0688.HK)目標價33港元 評級“增持”
格隆匯 08-25 15:49

摩根大通發表研究報告指出,中國海外(0688.HK)中期業績符合預期,估計下半年集團增長會加快。摩通認為市場低估了中海外盈利持續的能力,予目標價33港元,評級為“增持”。

報告指出,中海外上半年收入按年增長11%,但利潤率受壓及税率增加等,卻令其核心純利持平,只有179.4億人民幣,由於集團擁有大量可售資源,相信下半年增長將會加快,而其銷售增長將支持集團未來兩年盈利複合年均增長率達到10%左右。摩通相信中海外是最具防守力的上市發展商,隨着下半年銷售及盈利改善,其股份可望獲得重估。

摩通相信,市場對中國宏觀經濟的憂慮,令投資者對上市發展商卻步,假設中海外表現與市場平均相若,投資者實低估了中海外盈利的持續能力,預計集團未來增長,將令投資者回覆信心,因此予以“增持”評級。

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