《大行報告》瑞信上調世茂集團(00813.HK)目標價至31.63元 評級「跑贏大市」
瑞信發表的研究報告指,世茂集團(00813.HK)去年核心淨利按年升17%至123億元人民幣,大致符該行及市場預期,毛利率企穩在29.3%,全年每股派息共1.8港元(包含特別息0.3港元),意味股息收益率達6.75%。公司在「三道紅線」的政策下為「綠檔」企業,去年其擴張計劃有所減慢,土地收購僅佔銷售的30%,低於原先預算的50%。
公司對未來五年銷售及盈利年複合增長逾10%的目標不變,展望2021年管理層指引銷售將升10%至3,300億元人民幣,估計去化率需達60%,而公司銷售勢頭維持穩健,估計3月份銷售有望逾300億元人民幣,毛利率展望亦企穩在29-30%水平。
該行將公司2021-22年盈利預測微調,目標價由30.86元升至31.63元,評級維持「跑贏大市」。
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