《大行報告》美銀證券:越秀地產(00123.HK)上半年收入增長強勁 抵銷毛利率下降
美銀證券發表報告指,越秀地產(00123.HK)上半年收入按年增29%至313億元人民幣屬強勁,抵銷毛利率按年跌5.5個百分點至21.2%,而毛利呈溫和增長,按年增2%至66億元人民幣,EBITDA利息覆蓋率按年持平,為2.2倍。在今年上半年,公司收購16塊土地,總建築面積350萬平方米,土地儲備總量為2,860萬平方米;今年首七個月合約銷售549億元人民幣,按年增4%,銷售建築面積按年持平。公司已達致今年全年合約銷售目標1,235億元人民幣的約44%。
該行認為,公司基本面維持相對穩固,並對其國企背景感安心,擁有良好的融資渠道及土地儲備。
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