《大行報告》傑富瑞:世茂(00813.HK)降中期銷售複合增長指引令人意外
傑富瑞發表研究報告,指出世茂集團(00813.HK)將其中期銷售年複合增長率下調至10%,而管理層亦承認毛利率有可能受壓。該行認為,是次下調較該行及市場的約15%預期都要保守。因此,該行將公司2020至2022財年盈利預測下調3至14%,並將其目標價由原來的40.07元下調至36.35元。該行預期,市場都會調低公司的預測,這或會在短期內令股份面對拋售壓力,維持投資評級「買入」。
該行引述管理層指,雖然強勁的購房需求或會持續,但發展商的新借貸上限,限制了其土地儲備能力。因此,認為現時更適合公司專注於高質量增長,而不是快速擴張。
另外,由於一、二線城市的限價嚴厲,管理層認為公司的毛利率將面臨下行壓力,預期2020財年的毛利率介乎29至30%。公司強調,高線城市中的土地市場競爭持續,過去數月很多公開拍賣土地的毛利率無法符合公司的投資要求,因此自第三季以來,公司在土地儲備方面變得更為審慎。
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.