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《大行報告》摩通上調中國金茂(00817.HK)目標價至3元 評級「減持」
阿思達克 03-24 10:36
摩根大通發表研究報告指,中國金茂(00817.HK)去年度業績符合預期,核心淨利潤達65億元人民幣,其中發展中物業、持作出售物業減值影響38億元人民幣,導致基本淨利潤(撇除重估)下降45%。

該行指,管理層未有將減值撥備計入股息中,以派息率40%計算,每股派息以港元計仍增加13%。展望未來,摩通認為盈利空間仍可能持續受壓,要至2022年才出現反彈。

摩通指出,去年物業發展業務毛利率達21.6%,為行業較低水平,經驗較同業少且落後,投資者對金茂信心不足,可能會在估值基礎上打折扣,維持「減持」評級,基於遠期市盈率5.5倍,目標價由2.85元上調至3元。

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