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摩通:予萬科企業(2202.HK)中性評級 目標價22港元
格隆匯 08-30 16:13

摩根大通發表研究報吿指,萬科企業(2202.HK)上半年業績弱於預期,該行認為,集團明年的盈利不會進一步下降,因為利潤已經穩定,不過,短期內不會出現反彈。該行予集團中性評級及目標價22港元。

報吿提到,因應集團進取的土地儲備,其未來12至18個月的合約銷售額增長將會加速,但這對2023年之前的盈利未見幫助。另外,該行相信,集團在短期內分拆物業管理的可能性不大,而集團仍然接近“三條紅線”,亦限制其增加派息的能力。因此該行對集團短期表現維持審慎。

摩通指,因為萬科的合約銷售額增長較慢,因此預期疲弱盈利仍將持續一段時間,預期今年核心純利為344億元人民幣,較市場預期低23%。另外,雖然集團正聚焦一線城市,但仍見利潤有改善。

該行相信,除非公司對其物業管理業務提出分拆計劃,否則萬科的股價仍會受壓,但該行認為短期內不太可能,因為目前並不有利於分拆計劃。

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