《大行報告》大和下調中國金茂(00817.HK)目標價至3.6元 評級「跑贏大市」
大和發表研究報告,指出中國金茂(00817.HK)去年實現合同銷售2,311億元人民幣,按年增長44%,遠超其2,000億元人民幣銷售目標。該行相信其今年將最少達到2,500億元人民幣合同銷售,按年增長最少8%,因為管理層早前曾表示2021年的合同銷售最少要達2,500億元人民幣,2022年要達到3,000億元人民幣。
該行指出,公司截至去年7底止,已鎖定23個城市的營運項目,預期將會為2021上半年貢獻21%合同銷售。管理層重申將城市運營項目視為未來幾年的主要增長動力,並預計這些項目將在2022年佔新獲得土地的60%。同時,該行預期這些項目的收入貢獻將會自2021年開始,有助提升其中期的盈利能力。
公司在上月底發盈警,預期2020年度核心盈利按年跌40至50%,主要是由於其在建物業的減值準備並以低於預期的平均售價出售所致。該行將其2020至2022年收入預測下調12至17%,每股盈利預測下調36至58%。目標價由原來的6.7元下調至3.6元,重申「跑贏大市」投資評級。
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