《大行報告》瑞信下調中國奧園(03883.HK)目標價至5.04元 評級「中性」
瑞信發表報告指,中國奧園(03883.HK)上半年核心盈利按年下跌11%,計及存貨撥備則按年跌22%。雖然上半年的盈利下跌,但管理層有信心今年全年盈利可維持去年水平。
該行表示,即使現金回款速度加快,且放緩土地收購,但集團的資產負債表改善亦較預期為慢。
瑞信下調中國奧園股份目標價,由6.64元降至5.04元,評級維持「中性」,並調低集團今年至2023年盈利預測14%至16%。基於較低的毛利率假設,資產淨值預測亦降13%。
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