《大行报告》瑞信上调万科(02202.HK)目标价至36.8元 评级「跑赢大市」
瑞信发表研究报告,指万科(02202.HK)去年核心盈利增5%至400亿元人民币,当中库存拨备为15亿元人民币,盈利逊预期,全年派1.25元人民币,相等於派息比率为35.6%,息率为5%。
该行指,可售资源有双位数增长,支持今年销售增长12%预测。虽然土储仍紧张,料土地收购加快和强劲的资产负债表稳健,可有更多增长空间。而非物业发展项目符预期,管理层正计划如何更好货币化有关项目。
该行降2021至22年盈利预期分别13%及10%,目标价由33.39元升至36.8元,维持「跑赢大市」评级。
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