You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
上海實業控股(00363.HK):最差的時候已過且復甦正在路上,維持“買入“評級,目標價15.00 港元
格隆匯 09-21 09:53

機構:國泰君安

評級:買入

目標價:15.00 港元

2020 上半年盈利同比大跌 60.1%至 8.02 億港元。期內所有的業務板塊均出現了收入下滑。其中,基建業務板塊收入同比跌 27.0%至 33.44 億港元,地產板塊收入同比跌 17.6%至81.31 億港元,而消費品板塊的收入則同比跌 21.8%至 17.36 億港元。此外,基建、地產、消費品期內的淨利潤則分別同比大跌 59.8%、53.6%、35.7%至 4.08 億港元、2.56 億港元和 3.6 億港元。公司期內的綜合毛利率同比基本持平在 36.8%,但營運利潤率則同比跌 3.0個百分點至 29.6%。

2020 年的收入和淨利潤預計將下滑,但將於 2021 年反彈。由於疫情的影響對公司於 2020上半年的運營造成了較大的衝擊,並有可能繼續影響其下半年的業績,我們預計所有業務板塊的收入將於 2020 年出現同比下滑。然而,2020 全年的業績倒退將較 2020 上半年時有所收窄。由於復甦正在路上,我們預計公司於 2020 至 2022 年間的總收入將分別同比增長 -9.3%/ 14.8%/ 2.7%。我們經調整的 2020 至 2022 年的每股盈利預測分別為 2.506 港 元/ 3.216 港元/ 3.396 港元。

重申“買入”的評級但下調目標價至 15.00 港元。鑑於近 30 個月內的低估值,吸引的股息率以及預計於 2021 年的復甦,我們維持對公司現有的投資評級。我們 15.00 港元的新目標價相當於 6.0 倍/ 4.7 倍/ 4.4 倍的 2020 / 2021 / 2022 年市盈率或 0.4 倍/ 0.4 倍/ 0.4 倍的2020 / 2021 / 2022 年市淨率。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account