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《大行報告》瑞信下調合景泰富(01813.HK)目標價至11.3元 評級「跑贏大市」
阿思達克 08-31 10:00
瑞信發表的研究報告指,上半年合景泰富(01813.HK)核心溢利按年升6%至32億元人民幣(下同),大致符該行及市場預期,惟淨負債維持大致平穩,淨負債比率跌7.6個百分點至54.1%,上半年每股派息降8%至0.37元,派息比率37%。 公司上半年應佔毛利率改善0.5個百分點至32.8%,而同業大多處下行趨勢,管理層指引毛利率在30%左右水平,認為經營效益改善,而市區重建的毛利率將為30-40%。在土地併購方面,今年首七月公司僅花33億元,管理層在公開市場及併購方面將採積極態度,在投資物業方面管理層認為租金收入將每年增長30%,到2025年將達60億元。 該行將公司2021-23年盈利預測降3-9%,目標價由14.7港元降至11.3港元,評級維持「跑贏大市」。
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