《大行報告》摩通上調遠洋集團(03377.HK)目標價至1.6元 評級「減持」
摩通發表的研究報告指,遠洋集團(03377.HK)去年業績符預期,不過每股派息稍遜預期,同時股價自公布業績以來亦較弱,公司仍在消化在中國北部地區利潤較低的項目,估計利潤將在低位維持一段時間,而成本管控仍然是公司改善盈利能力的主要策略。該行指出只有重建項目出台,利潤及回報始會有改善,不過過程或需時數年,同時復甦進程亦料漫長。認為低利潤將令公司更易受外圍因素影響,估計其估值將維持低位,維持「減持」評級,目標價由1.4元升至1.6元。
該行指出公司總部位於北京,同時是環渤海經濟圈的重要參與者,公司約五年前擴張至其他三線地區,正好遇上當地庫存問題,因此失落二線城市的上行週期並跑輸同業,現時公司逾半土地儲備位於中國北部,該行並不看好。
在新獲取的土地中,公司聚焦於黃江及珠江區域一帶,不過公司對資產負債表策略較保守,推動銷售折扣空間亦有限,估計仍需要三年時間才能清理低回報項目,意味將繼續拖累公司財務表現。
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