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《大行報告》瑞信上調萬科(02202.HK)目標價至36.8元 評級「跑贏大市」
阿思達克 04-07 12:09
瑞信發表研究報告,指萬科(02202.HK)去年核心盈利增5%至400億元人民幣,當中庫存撥備為15億元人民幣,盈利遜預期,全年派1.25元人民幣,相等於派息比率為35.6%,息率為5%。

該行指,可售資源有雙位數增長,支持今年銷售增長12%預測。雖然土儲仍緊張,料土地收購加快和強勁的資產負債表穩健,可有更多增長空間。而非物業發展項目符預期,管理層正計劃如何更好貨幣化有關項目。

該行降2021至22年盈利預期分別13%及10%,目標價由33.39元升至36.8元,維持「跑贏大市」評級。

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