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《大行報告》美銀證券上調中國金茂(00817.HK)目標價至2.7元 評級「跑輸大市」
阿思達克 03-24 14:36
美銀證券發表研究報告指,受減值及毛利率下跌影響,撇除投資物業估值變動,中國金茂(00817.HK)去年度淨利潤按年跌47%,管理層指計及存貨計提減值,調整後核心利潤應按年增長15%。

報告指出,雖然去年業績符合早前的盈利警告,但仍存在擔憂,指出去年毛利率按年收窄9.3個百分點至20.2%,遜於該行原先已較低的預期;加上管理層對近期盈利恢復增長的前景沒有確切預期。基於盈利質素較差、業績表現疲弱及前景不明朗,重申「跑輸大市」評級。

但美銀證券同時指出,公司基於調整後核心利潤派息比率為40%,加上管理層透露將繼續回購股份,去年財務指標均在「三條紅線」所要求的範圍內,現金流有所改善,上調今明兩年盈利預測6%及8%,在基數較低下,預期未來三年扣除物業重估後淨利潤將按年增長80%、24%及24%,上調目標價由2.5元升至2.7元。

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