《大行報告》野村下調時代鄰里(09928.HK)目標價至7.24元 評級「買入」
野村發表報告,下調時代鄰里(09928.HK)2022和2023財年的盈利預測各6%,分別至6億元人民幣和8.29億元人民幣,比市場預測分別低1%和高2%。目標價由14.35元下調至7.24元,相等於2022財年10倍的市盈率。
野村指,時代鄰里最新業績符合預期,相信公司具韌性的盈利增長將會持續,預計2020財年至2023財年的年均複合增長率為53%,這主要得益於可能的穩定收入增長、毛利率擴張和銷售及行政開支減低。該行指,上半年來自來自第三方開發項目的合約建築面積增長按年加快,惟關注其未來數年的增長動力。基於較弱的第三方招標市場定位和併購存在不確定性,因此降低長期的資產管理規模預測,以反映公司擴張減速。
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