一文綜合券商於中國海外(00688.HK)公布去年業績後最新觀點及目標價
中國海外發展(00688.HK)今早股價造淡,盤中曾低見22.5元一度下滑4.1%,最新報22.55元跌3.8%。匯豐環球研究指,中海外去年核心盈利按年跌4%,低於該行及市場原預期各9%及7%,但指派息比率維持穩定,維持「買入」評級。
中國海外昨收市後公布去年業績,營業額2,422.41億元人民幣按年升30.4%。純利401.55億人民幣按年跌8.5%,扣除稅後投資物業公允價值變動收益後,純利為363.8億元人民幣;每股盈利3.67元人民幣。派每股末期息76港仙,連同中期股息每股45港仙, 全年合共派發股息每股121港仙,按年上升2.5%。
公司去年合約物業銷售額增長2.4%至3,695億人民幣。商業物業收入為51.7億人民幣,按年增長17.4%。截至去年底,集團系列公司土地儲備為8,077萬平方米。集團總借貸為2,419.2億人民幣,持有銀行結餘及現金1,309.6億人民幣,淨借貸比率維持於32.3%的行業低水平。
【業績遜預期 去年股息增】
富瑞發表報告表示,中國海外去年業績表現整體遜預期,因其核心利潤回落4%,利潤率顯著降低。料公司今年的預售項目使得盈利增長可能會保持在較低水平,但鑑於其優質的土地儲備、穩健的財務和國企背景,認為中國海外仍是行業中首選。該行維持其「買入」投資評級,惟將目標價由29.74港元下調至29.06港元。
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下列9間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
海通國際│跑贏大市│35.5元
建銀國際│跑贏大市│30元
瑞信│跑贏大市│29.97元
摩根大通│增持│29.5元
富瑞│買入│29.74元->29.06元
匯豐環球研究│買入│29元
中金│跑贏行業│28.35元
星展│買入│26.77元
花旗│買入│22.24元
券商│觀點
通國際│去年收益略遜預期,但可觀未入賬銷售使得盈利可見度高
建銀國際│業績喜憂參半,核心利潤回落兼毛利率大幅下滑
瑞信│核心利潤增長遜預期,派息率增2.5%符預期
摩根大通│去年業績表現不俗,盈利雖跌4%但派息穩定
富瑞│擁有優質土儲、財務穩健及國企背景因素為行業首選
匯豐環球研究│去年盈利不及預期但派息率穩定
中金│去年核心淨利潤符預期,惟下調2022年及2023年核心淨利潤各17%及22%
星展│去年收入勝預期及資產負債表保持穩健,惟毛利率遜預期
花旗│去年業績符預期,派息增加顯示對現金流表現有信心
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