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《大行報告》花旗下調中國金茂(00817.HK)目標價至3.63元 評級「買入」
阿思達克 08-25 11:17
花旗發表報告指,中國金茂(00817.HK)上半年核心利潤按年增長3%,惟毛利率下降,相信毛利率至明年下半年才可見底,因現時毛利率處於18%至19%較低水平的未入賬銷售仍有3,540億元人民幣;毛利率較高、介乎25%至30%的城市營運項目至明年才開始入賬;加上中國金茂目標三年內削減成本15%。 該行相信,城市營運項目及加快銷售將推動增長,惟為反映較低毛利率,擴大每股資產淨值折讓,目標價相應自4.8元下調至3.63元,評級維持「買入」。
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