《大行報告》瑞信下調碧桂園(02007.HK)目標價至10.09元 評級「中性」
瑞信發表的研究報告指,碧桂園(02007.HK)去年核心淨利跌18%至330億元人民幣,較該行及市場預期低21%及16%,主要因為入賬慢過預期,以及利潤低於預期,同時少數權益亦攤薄較多。管理層指引今年銷售將升10%至6,280億元人民幣(相對2020年增長3%),估計去化率達65%就可達到,低於去年實際去化率69%。展望2022-23年,管理層期望銷售增長將維持在每年10%。
另外管理層指,隨著入賬表現改善,2021年盈利將恢復正增長,估計2021年將有4,500億元人民幣未入賬銷售入賬,規模已經超越去年,在盈利能力方面,2020年新獲取的項目毛利率料約22%。
該行將公司2021/22年盈利預測降22%及20%,以反映交付及利潤預測下降,將公司資產淨值預測降7%,目標價由10.87元降至10.09元,維持「中性」評級。(el/u) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.