大和:越秀地產(0123.HK)業績符預期 重申“買入”評級
大和發表研究報吿指,越秀地產(0123.HK)去年全年核心盈利按年升約15%至40.2億元人民幣,符合市場預期,雖然去年毛利率下跌,但今年或有輕微復甦,維持其目標價2.2港元,重申“買入”評級。
該行指,越秀地產去年整體毛利率按年跌9.1個百分點至25.1%,低於該行預期的29%,因來自大灣區的入帳銷售佔比下降,其佔比由2019年的75%,降至去年的51%,預計至去年底未確認入帳銷售收入達1196億元人民幣,而來自大灣區的佔比將會上升至65%,故料2021-2022年整體毛利率將可輕微復甦至約26%。
大和表示,下調2021年每股盈利預測2%,但上調2022年每股盈利預測2%,料將有更多項目入帳,預期2021年底其每股資產淨值為3.4港元。

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