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《大行報告》瑞信升碧桂園(02007.HK)評級至「跑贏大市」 目標價上調至10.2元
阿思達克 08-25 10:23
瑞信發表的研究報告指,碧桂園(02007.HK)上半年核心溢利按年升3%至149億元人民幣,大致符該行及市場預期,期內淨負債較去年底進一步降5.9個百分點至49.7%,派中期息每股0.2098元人民幣,相當於派息比率31%,而股息率則為3%。 該行指出上半年其毛利率按年跌4.2個百分點至16.6%,管理層預期2023財年入賬毛利率應有改善,來自2017-18年收購項目的壓力將繼續影響到2022財年。該行指出2020年合約銷售的項目毛利率已穩定,據管理層指引2020年至今年上半年收購的項目毛利率則料為20-25%。 該行相信隨著高階城市第二、三批土地出售價格管控較好,相信將為公司提供機會擴展在相關城市的覆蓋面,並改善其地理覆蓋組合。 瑞信將公司2021-23年盈利預測削2.5%-4.8%,但就將資產淨值微升1%,維持資產淨值折讓40%不變,目標價由10.1港元升至10.2港元,評級由「中性」升至「跑贏大市」,認為競爭環境中期將更利好碧桂園,主要受惠利潤前景改善及盈利增長加快等。
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