《大行報告》德銀下調世茂(00813.HK)目標價至32.5元 評級「買入」
德銀發表的研究報告指,世茂集團(00813.HK)管理層出乎意料下調2021年合約銷售增長指引,該行對公司2020財年核心盈利預測維持大致不變,但就將2021/22財年的盈利預測分別降3.5%及9.4%,而公司將指引下調主要是基於土地市場競爭及土地成本昂貴導致收購進度較預期慢。管理層強調開發收入及入帳不會顯著放慢,但就估計受限價影響利潤會溫和受壓。
德銀認為雖然公司看法較「熊」,但表現仍好過大部分同業,截至6月20日公司有5,160萬平方米面積在建,而截至去年底則為4,280萬平方米。總體而言,公司在2021財年有充足的資源,惟三線城市的去化率或會帶來拖累,而公司的低成本土儲料足夠四年使用,加上融資成本低等亦是公司的優勢。儘管利潤受壓但仍優於同業,將公司目標價由42.5元降至32.5元,評級維持「買入」。(el/u)
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