《大行報告》摩通下調世茂集團(00813.HK)目標價至22元 評級「增持」
摩通發表的研究報告指,世茂集團(00813.HK)上半年核心淨利按年升11%至56億元人民幣(下同),收入增長被利潤壓縮所抵銷,而溢利增長主要是利息收入增加。該行估計2021年公司核心淨利將為96億元,當中90%仍然是來自開發物業,10%則來自投資物業及物管分支世茂服務(00873.HK)。該行認為集團擁多元化資產,而且每年都有增長,維持「增持」評級,認為市場對其物管業務仍樂觀,隨著香港項目交付公司盈利將繼續改善,加上公司有望持續回購,而合約銷售增長亦維持利好,目標價則由25港元降至22港元。
該行指出,公司內地的整體開發成本為每平方米1.3-1.4萬元,而平均銷售價為每平方米1.75萬元,但開發利潤有機會由現時的26-27%降至22-23%,除非收購土儲清晰度有所提升,否則利潤難見反彈,不過該行認為公司在土儲策略上無清晰的優勢。但該行指公司在港土儲不錯,特別是位於九龍塘的地皮,估計該幅地皮可為公司帶來200億港元銷售,淨利約70-80億港元,而項目預售及入帳估計將是公司2022-23年利潤及溢利增長的重點。
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