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《大行报告》美银证券:万科(002202.HK)首季毛利率疲弱 资产负债表仍稳健
阿思达克 04-23 14:34
美银证券发表的研究报告指,万科企业(02202.HK)首季净利升3%,而该行对其全年增长预测则为8%,不过首季的影响相对较细,以2019-2020年来看,首季仅贡献全年盈利约3%左右,而首季毛利率20%亦较该行全年预测低,相信是受入帐组合所拖累,相信公司合约销售毛利率已在去年企稳,惟损益利润表现有延後,今年或进一步呈弱势。

该行指出公司资产负债表维持稳健,估计定位可受惠之後的土地供应政策,而公司完工及新动工表现亦在正轨上,相信物业发展增长较弱的情况下,管理层或会透过多元化业务释放价值,重申「买入」评级,认为其估值未反映到新业务增长价值及卖地新规等,目标价38元。(el/u) ~

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