《大行報告》瑞信降世茂集團(00813.HK)評級至「中性」 目標價下調至14.49元
瑞信發表研究報告指,世茂集團(00813.HK)銷售連續三個月倒退,9月按年跌幅擴至30%。首九個月集團銷售達標進展與同業均值(約67%)相若,該行料其末季銷售按年跌23%,意味全年銷售按年大致持平。報告形容管理層自去年下半年以來買地更趨保守,去年下半年及今年上半年買地成本對銷售佔比僅介乎13%至14%,這無可避免限制未來銷售增長潛力。
報告稱,世茂上半年毛利率按年收縮1.6個百分點,趨勢料續降。不過,管理層料整體影響相對溫和,因來自非發展項目板塊收入佔比上升。由於可售資源潛在限制,該行對其銷售增長可見度持更審慎看法。考慮毛利率預測下調,降其2021至2023年度盈測介乎4%至9%。由於資產週轉率放慢,下調對其資產淨值(NAV)預測23%,並下調估值基礎,NAV折讓由55%下調至65%,反映行業面對風險升溫,目標價相應由24.35元降至14.49元;投資評級亦由「跑贏大市」降至「中性」。
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