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《大行報告》花旗下調碧桂園(02007.HK)目標價至6.6元 評級「中性」
阿思達克 03-31 15:46
花旗下調碧桂園(02007.HK)目標價,由7元降至6.6元。該行認為碧桂園估值不過分(預測市盈率為4.4倍,6%股息率及55%資產淨值折讓),加上公司回購股份計劃,因而維持「中性」投資評級。 該行指碧桂園核心盈利按年跌17%至269億元人民幣,毛利率按年跌4.1個百分點至17.7%,大致符合預期;核心利潤率按年跌1.9個百分點至5.1%,銷售及行政費減至收入5.5%。資產負債表勝預期,總債務及應付賬款減少1,180億元人民幣,現金量則有1,813億元人民幣。公司淨負債率仍達45.4%,資產負債比達74%,現金與短期債務比為1.9倍,仍屬黃線水平。每股派息0.311元人民幣,派息率26%。 基於土儲規模總值減至1.8萬億元人民幣、債務及應付賬減少、銷售及行政費控制、財務成本下降、土儲權益佔比增加及充足融資渠道,該行認為碧桂園致力於效益及經營槓桿的努力同時處於正軌。在較小的銷售規模及穩定的毛利率,預期盈利規模將從2019年的高峰400億元人民幣縮減。
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