大和:重申中國金茂(0817.HK)優於大市評級 目標價下調至3.6港元
大和發表研究報吿表示,儘管中國金茂(0817.HK)去年部分項目的平均售價較預期中低,而需要為此進行減值撥備,但認為公司業務多元化及正在改善的財務狀況,有利公司的長遠發展,該行將其目標價由6.7港元下調至3.6港元,重申優於大市評級。
大和表示,相信公司今年的合約銷售目標最少為2500億元人民幣,按年升最少8%,公司的城市運營項目正持續增加,料相關項目將於今年開始貢獻收入,並於中期改善其盈利能力,預期公司去年底的現金對短債比率逾1倍,將能擠身“三條紅線”下的綠色企業。
大和續指,因應公司的減值撥備,將其2020-22年收入預測下調12%-17%,而每股盈利預測則下調36-58%,並將今年每股資產淨值將由8.9港元下調至5.1港元,其資產淨值折讓將從25%擴大至30%。

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