富瑞:碧桂園(2007.HK)中期業績符預期 維持持有評級
富瑞發表研究報吿表示,碧桂園(2007.HK)中期業績符合預期,相信在同行進取的減價下,其土地成本上升將拖累毛利率降至歷史低位。不過,管理層對成本控制的高度重視應會緩解部分盈利壓力。該行指,集團具有強勁的執行力,但基於對低線城市持謹慎看法及不確定的利潤率趨勢,將集團目標價由10.05港元降至9.38港元,維持持有評級。
該行認為,考慮到同行的大幅降價及第三、四線城市的房地產銷售疲軟,集團需提出具有競爭力的定價以維持其售罄率,這反過來將延遲其毛利率週轉時間。因此,該行審慎地下調其2021至23財年的生產毛利率0.5至1個百分點至18-19%,並將盈利預測測下調6至8%。

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