《大行報告》大和下調富力(02777.HK)目標價至15.2元 評級「買入」
大和發表研究報告,指富力地產(02777.HK)上半年基本純利按年跌38%,主因去庫存項目入帳,利潤率顯著下降。報告稱,截至6月底止,富力淨負債顯著減少,加上目前有1,400億元人民幣之未入賬收入,毛利率介乎25%至30%,為其2021至2023年間盈利復甦鋪路。
該行指出,富力上半年財務表現按半年改善,料下半年改善勢頭進一步加快,隨著更多正常項目入帳,料毛利率會顯著上升;為反映去庫存帶來的盈利及銷售均價壓力,下調其2021至2023年盈測介乎18%至29%,並下調今年底每股資產淨值(NAV)預測6%,重申「買入」評級,惟下調其估值基礎,由預測每股NAV折讓由30%擴至40%,目標價相應由18.8元降至15.2元。
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