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富瑞:維持對萬科企業(2202.HK)審慎看法 目標價28.05港元
格隆匯 04-23 13:04

富瑞發表研究報吿指,萬科企業(2202.HK)首季業績令人失望,加上其土地儲備規模細,令預售前景疲弱,該行關注持續的低利潤,將會使中期盈利增長放緩至低單位數,該行維持對萬科審慎看法,予28.05港元目標價,評級持有。

該行指,萬科首季毛利率由去年28.8%下降至20.4%,認為毛利率正受到下行壓力,雖然收入及核心盈利分別按年升30%及14%,但基於去年的低基數,認為相關升幅不具代表性。

該行表示,關注公司在2017年上升週期時所購入的昂貴土地儲備,或需高於預期的時間來消化,使毛利率持續下行,亦指不看好公司的銷售前景,公司於今年首季在增加土地儲備方面並不活躍,相信公司將發現小規模的土地儲備難以支持今年的合約銷售。

該行指出,雖然該股由月初至今已下跌13.1%,但仍對公司中期的銷售及盈利前景保持審慎態度,相信公司或於今年進行潛在的物管業務分拆,屆時將會更適合進行重估。

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