《大行報告》中金降合景泰富(01813.HK)評級至「中性」 目標價下調至3.65元
中金發表報告指,合景泰富(01813.HK)去年核心淨利潤按年下跌36.6%,低於市場預期,主要由於交付確認的時滯導致權益合併收入按年下降3.9%,以及公司去年下半年戰略性出清低毛利車位和商舖,拖累結算毛利率。
中金指,考慮到合景泰富下半年債務到期相對密集,且當前新房銷售表現未見明顯改善、後續政策推出的實際內容和時點節奏仍存較大不確定性,預計未來數月公司銷售和資金回籠或仍承壓,對其經營和償債資金鋪排帶來一定擾動,亦壓制投資者情緒。
基於交付進渡假設調整,中金分別下調合景泰富2022年至2023年盈利預測38%和35%,至分別41.8億和43.9 億元人民幣。目標價相應下調37%至3.65港元以反映盈利預測調整,分別對應2.4和2.3倍2022年和2023年預測市盈率。
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