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美銀證券:重申中國海外發展(0688.HK)買入評級 目標價22港元
格隆匯 10-20 13:15

美銀證券發表研究報吿指,中國海外發展(0688.HK)今年第三季收入及經營溢利為432.4億及80億元人民幣,分別按年升46%和5.8%,但營運利潤率按年下降7個百分點,主要由於較低的毛利率和非經營性項目,例如較低的投資物業重估收益所致。首三季集團收入為1511.2億元人民幣,按年增長28%,經營溢利為394億元,按年升1.5%,該行重申其“買入”投資評級,目標價22港元。

報吿指,由於微調中海外的毛利率,該行將其2021財年盈利預測下調了3%,但提高了收入預測,預計2021年第四季收入按年增長22%。鑑於2020財年外匯收益表現強勁,該行預計核心利潤增長將與去年同期持平。

截至2021年第三季,中海外的現金餘額為1160億元,今年上半年則為1170億元人民幣。淨負債率為35.6%,略低於上半年的33.8%。9月價格調整後,集團以應占地價500億元收購19塊地皮,相當於9月銷售額的2.5倍,逆週期的土地收購應使其能夠更好地穩定利潤率。年初至今,集團已在土地收購上花費約1400億元,佔今年首三季合約銷售額的50%。

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