《大行报告》德银下调时代中国(01233.HK)目标价至12.8元 评级「买入」
德银发表研究报告指,时代中国(01233.HK)去年业务逊预期,核心净利润按年下跌9.2%,较市场预期低10%,预期是由於物业发展收入下跌逾16%及毛利率受压收窄至21%所致,但部分被高於预期的城市更新项目收入所抵销。
该行指,公司今年销售目标为1,100亿元人民币,较去年销售额增长平稳,认为时代中国今年将更专注於控制财务指标,预期未来两至三年发展规模维持相若水平,收入增长两成的目标较为保守,并且未有计及预售交付较预期慢等因素。
管理层预期2022至2023年将是城市更新项目集中转化阶段,该行预期将为2021至2023年收入贡献约50亿至60亿元人民币,指出大湾区布局稳健,予「买入」评级,但基於预测市盈率4.2倍,目标价由13.8元下调至12.8元。
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