《大行报告》瑞信下调碧桂园(02007.HK)目标价至10.09元 评级「中性」
瑞信发表的研究报告指,碧桂园(02007.HK)去年核心净利跌18%至330亿元人民币,较该行及市场预期低21%及16%,主要因为入账慢过预期,以及利润低於预期,同时少数权益亦摊薄较多。管理层指引今年销售将升10%至6,280亿元人民币(相对2020年增长3%),估计去化率达65%就可达到,低於去年实际去化率69%。展望2022-23年,管理层期望销售增长将维持在每年10%。
另外管理层指,随着入账表现改善,2021年盈利将恢复正增长,估计2021年将有4,500亿元人民币未入账销售入账,规模已经超越去年,在盈利能力方面,2020年新获取的项目毛利率料约22%。
该行将公司2021/22年盈利预测降22%及20%,以反映交付及利润预测下降,将公司资产净值预测降7%,目标价由10.87元降至10.09元,维持「中性」评级。(el/u) ~
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