《大行报告》美银证券上调中国金茂(00817.HK)目标价至2.7元 评级「跑输大市」
美银证券发表研究报告指,受减值及毛利率下跌影响,撇除投资物业估值变动,中国金茂(00817.HK)去年度净利润按年跌47%,管理层指计及存货计提减值,调整後核心利润应按年增长15%。
报告指出,虽然去年业绩符合早前的盈利警告,但仍存在担忧,指出去年毛利率按年收窄9.3个百分点至20.2%,逊於该行原先已较低的预期;加上管理层对近期盈利恢复增长的前景没有确切预期。基於盈利质素较差、业绩表现疲弱及前景不明朗,重申「跑输大市」评级。
但美银证券同时指出,公司基於调整後核心利润派息比率为40%,加上管理层透露将继续回购股份,去年财务指标均在「三条红线」所要求的范围内,现金流有所改善,上调今明两年盈利预测6%及8%,在基数较低下,预期未来三年扣除物业重估後净利润将按年增长80%、24%及24%,上调目标价由2.5元升至2.7元。
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