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《大行報告》瑞信降時代中國(01233.HK)評級至「中性」 目標價下調至12.1元
阿思達克 03-25 09:52
瑞信發表研究報告指,時代中國(01233.HK)去年度核心盈利按年下跌15%,較該行及市場預期分別低15%及13%,相信主要由於房地產發展項目毛利水平及交付率低於預期。

管理層定立今年合約銷售目標為按年增長10%至1,100億元人民幣,增幅較去年的28%放慢,並預期2022至2023年銷售可維持雙位數增長。

瑞信將今明兩年盈利預測下調22%及25%,以反映毛利率預測下調及被少數權益分薄的影響,並將每股資產淨值(NAV)預測下調14%,認為時代中國銷售增長勢頭仍然穩健,但未足以觸發股價重估,將評級由「跑贏大市」降至「中性」,目標價由14元下調至12.1元。

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