《大行報告》瑞信下調世茂集團(00813.HK)目標價至24.35元 評級「跑贏大市」
瑞信發表報告,指上半年世茂集團(00813.HK)核心利潤按年增長11%,達到59億元人民幣,佔該行全年預期的43%。凈資產負債率基本穩定在55.3%。公司已完成全年3,300億元人民幣銷售目標的53%,首七個月的總銷售額為1,750億元人民幣。8至12月所需的月度銷售額為310億元,比去年8至12月的平均水平低4%,管理層有信心完成其原定目標,下半年預算的可銷售資源為3,600億元人民幣。
瑞信指,上半年世茂集團對土地補充更加謹慎,其土地成本僅佔合同銷售額的13%,而去年為30%。展望下半年,管理層將在土地拍賣方面保持謹慎,並期望從城市重建和併購等獲得更多提升空間。瑞信將2021財年至2023財年的盈利預期下調了3%至6%,並將每股資產淨值預期下調4%,以反映利潤率假設下降。在政策不明朗的情況下,將指定的資產凈值折讓率由45%擴大到55%,目標價由30.86港元下調至24.35港元,維持 「跑贏大市」。
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