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《大行报告》瑞信降时代中国(01233.HK)评级至「中性」 目标价下调至12.1元
阿思达克 03-25 09:52
瑞信发表研究报告指,时代中国(01233.HK)去年度核心盈利按年下跌15%,较该行及市场预期分别低15%及13%,相信主要由於房地产发展项目毛利水平及交付率低於预期。

管理层定立今年合约销售目标为按年增长10%至1,100亿元人民币,增幅较去年的28%放慢,并预期2022至2023年销售可维持双位数增长。

瑞信将今明两年盈利预测下调22%及25%,以反映毛利率预测下调及被少数权益分薄的影响,并将每股资产净值(NAV)预测下调14%,认为时代中国销售增长势头仍然稳健,但未足以触发股价重估,将评级由「跑赢大市」降至「中性」,目标价由14元下调至12.1元。

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