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大和:降萬科(2202.HK)評級至持有 目標價下調至21.5港元
格隆匯 02-09 16:27

大和發表研究報吿指,將萬科(2202.HK)目標價由33.3港元調低至21.5港元,評級由“買入”連降兩級至“持有”。

大和稱,萬科或於今年分拆物業服務業務萬物雲上市,為正面消息。不過合約銷售去年已明顯放緩,另估計2021至2023年期間,集團淨利潤按年增長放緩甚至下跌,料市場不會喜歡其表現。

該行認為,去年疲弱的合約銷售表現將延續至今年。去年集團合約銷售額按年跌10.8%至6278億元人民幣,遜同業平均跌1%。在較高基數下,估計集團今年合約銷售額按年跌3.6%至6050億元人民幣。 基於集團謹慎擴張,以及行業面對毛利壓力,該行對集團項目入帳及毛利前景趨審慎,下調對其2021至2023 年合同銷售預測10至18%,並下調每股盈行利預測14至27%。該行相信,在行業信貸環境進一步改善之下,投資者將重新關注內房的合約銷售增長、毛利及盈利能力,但2021至2023年期間,集團淨利潤按年增長料放緩甚至下跌。 

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