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《大行报告》杰富瑞:世茂(00813.HK)降中期销售复合增长指引令人意外
阿思达克 12-04 14:17
杰富瑞发表研究报告,指出世茂集团(00813.HK)将其中期销售年复合增长率下调至10%,而管理层亦承认毛利率有可能受压。该行认为,是次下调较该行及市场的约15%预期都要保守。因此,该行将公司2020至2022财年盈利预测下调3至14%,并将其目标价由原来的40.07元下调至36.35元。该行预期,市场都会调低公司的预测,这或会在短期内令股份面对抛售压力,维持投资评级「买入」。

该行引述管理层指,虽然强劲的购房需求或会持续,但发展商的新借贷上限,限制了其土地储备能力。因此,认为现时更适合公司专注於高质量增长,而不是快速扩张。

另外,由於一、二线城市的限价严厉,管理层认为公司的毛利率将面临下行压力,预期2020财年的毛利率介乎29至30%。公司强调,高线城市中的土地市场竞争持续,过去数月很多公开拍卖土地的毛利率无法符合公司的投资要求,因此自第三季以来,公司在土地储备方面变得更为审慎。

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