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富瑞:升萬科企業(2202.HK)目標價至28.05港元 評級持有
格隆匯 04-01 15:53

富瑞發表研究報吿指,對萬科企業(2202.HK)的銷售及盈利前景維持審慎態度,又相信明年重新評估該股票會更合適,因為有潛在分析物業管理業務的機會。基於較低毛利,該行將集團盈測下調7至8%,不過,將目標價由27.61港元微升至28.05港元,予持有評級。

該行指,集團去年業績疲弱,核心收益僅增長5%至402億元人民幣,毛利率大幅縮小,該行對該公司持謹慎態度,又擔心如果其合同銷售額在新土地儲備上維持不活躍,今年的合同銷售額或會出現負增長。雖然管理層認為集團將受惠於“集中供地”政策,但基於目前的土地儲備很少,該行謹慎地認為這種政策可能無法支持今年的銷售平穩。

另外,去年集團毛利率收窄至28.8%,亦拖累了盈利增長,富瑞認為,毛利率反彈的可能性很小,並預期在未來三年內,該趨勢將進一步下降至26-28%。加上集團銷售緩慢,該行擔心其未來兩年的盈利增長或會保持疲軟,甚至在2023年下降。

該行指,集團業績中的唯一亮點是其非開發業務的良好增長,管理層亦重申,近期沒有針對這些公司的分拆計劃。

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