《大行報告》野村:中國海外(00688.HK)銷售逐步復甦 惟毛利率仍受壓
野村發表評級報告指,中國海外(00688.HK)在香港項目銷售進展穩定,加上作為國企開發商,市場有良好認識,公司5月合同銷售額錄得260億元人民幣,按年跌23%,優於同行銷售表現。
野村表示,由於中國海外今年上半年投地較少競爭,相信新收購項目的盈利能力將優於現有土地儲蓄。不過,由於公司在2018至2020年期間以更高成本購買土地,故管理層料今年上半年及全年毛利率不會迅速好轉。
野村指,由於政府推出各種放鬆政策及經濟重啟,管理層留意到近期房地產銷量呈正面警號,包括買家參觀展廳次數增加。該行表示,維持中國海外目標價為23元,及維持其評級為「中性」。(ca/a)
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