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《大行報告》花旗下調禹洲(01628.HK)目標價至2.28元 評級「買入」
阿思達克 08-17 10:03
花旗發表的研究報告指,禹洲集團(01628.HK)展現決心改革財務匯報,除了每兩月與核數師會面交流外,亦透過賦能總部財務中心強化內部對銷售及經營的管控等。上半年業績顯示資產負債表有改善,相信公司的努力對重拾投資者信心有正面作用,但仍需要一段時間。考慮到逐步復甦加上分拆物管等,其派息比率逾35%加上估值吸引,維持「買入」評級,並降2021至2023年盈測介乎60%至61%,反映竣工日程,銷售進展、經修訂銷售均價及成本預測,以及土地併購等,目標價由3.6元降至2.28元。 公司指出下半年規劃資源達1,319億元人民幣(下同),經過上半年銷售表現理想後,對銷售1,100億元銷售目標有信心,料毛利率介乎18%至20%,該行認為公司有400億元未入賬銷售,相信全年收入270億至280億元有支持,而上半年土地併購維持有紀律。 花旗指出上半年公司業績符預期,期內核心淨利7.39億元,毛利率20.1%,淨利潤率6.2%,淨負債比率改善至80.4%,派中期息每股5.3港仙,派息比率35%。
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