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.
交銀國際:降華潤置地(1109.HK)目標價至33.28港元 評級下調至中性
格隆匯 01-08 13:30

交銀國際研報指,將華潤置地(1109.HK)目標價由39.98港元調低至33.28港元,評級由買入降至中性。

交銀國際稱,華潤置地2020年的合同銷售額為2850億元人民幣,按年增長17.5%,較2620億元人民幣的目標高8.8%。該行預計其2021年的可售資源約5100億元人民幣,假設去化率60至65%,估計今年銷售增長7至16%。

該行表示,留意到大多數主要一、二線城市的限價政策非常嚴格,相信集團的開發業務毛利率將下降至約25至30%,並拖累近期盈利增長。此外,隨著華潤萬象生活(1209.HK)分拆上市,股價一次性的催化劑已完全反映。

考慮到潛在利潤率受壓,該行下調對其2020及2021年核心利潤預測20.6%及16.5%,同時將資產淨值估算由49.98港元下調至44.38港元,而基於行業整體估值下降,將目標折讓由20%擴大至25%。

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