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《大行报告》里昂升中国金茂(00817.HK)评级至「买入」 目标价下调至4.5元
阿思达克 03-25 10:36
里昂发表的研究报告指,中国金茂(00817.HK)去年业绩表现较差,核心净利跌47%至32.3亿元人民币(下同),计及减值後相信公司正在改善盈利能力,不过或需时一至两年,该行认为现时股息率8.6%对有耐性的投资者来说风险回报不错,下调2021-22年盈测10.2%至13.6%,将目标价由5.6元降至4.5元,但评级由「跑赢大市」升至「买入」。

期内,集团核心开发业务毛利率为18%,按年收窄9个百分点,主要因为物业销售毛利率较差,根据该行估算公司物业销售毛利率跌至14%,主要因为地价较高及部分盈利已被入帐。幸运的是管理层估计毛利率将反弹,意味有机会自现水平缓慢复苏。(el/k) ~

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