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《大行报告》大和下调中国金茂(00817.HK)目标价至3.6元 评级「跑赢大市」
阿思达克 02-10 10:15
大和发表研究报告,指出中国金茂(00817.HK)去年实现合同销售2,311亿元人民币,按年增长44%,远超其2,000亿元人民币销售目标。该行相信其今年将最少达到2,500亿元人民币合同销售,按年增长最少8%,因为管理层早前曾表示2021年的合同销售最少要达2,500亿元人民币,2022年要达到3,000亿元人民币。

该行指出,公司截至去年7底止,已锁定23个城市的营运项目,预期将会为2021上半年贡献21%合同销售。管理层重申将城市运营项目视为未来几年的主要增长动力,并预计这些项目将在2022年占新获得土地的60%。同时,该行预期这些项目的收入贡献将会自2021年开始,有助提升其中期的盈利能力。

公司在上月底发盈警,预期2020年度核心盈利按年跌40至50%,主要是由於其在建物业的减值准备并以低於预期的平均售价出售所致。该行将其2020至2022年收入预测下调12至17%,每股盈利预测下调36至58%。目标价由原来的6.7元下调至3.6元,重申「跑赢大市」投资评级。

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