《大行報告》中金削旭輝(00884.HK)目標價53%至2.9元 評級「跑贏行業」
中金發表報告指,旭輝(00884.HK)發盈警,考慮到疫情導致住宅交付結轉延期、計提存貨減值撥備和匯兌虧損等影響,預計上半年核心淨利潤15至20億元人民幣、按年下降40至55%,稅後淨利潤15至22 億元,按年下降59至72%。該行預計,旭輝上半年報表收入按年下降15至20%,毛利率按年大致持平,約為20%。
中金指,基於交付進度和結轉毛利率調整,分別下調對旭輝今明兩年盈利預測35%和42%,至47.3億和44.6億元人民幣,即按年下跌35.1%和5.7%。
考慮到公司在土儲盤面、融資能力和多元業務佈局等方面的相對優勢,該行認為旭輝在中長期維度基本面表現仍將跑贏同業。維持「跑贏行業」評級,考慮到每股盈測調整和當前投資者風險偏好,下調目標價53%至2.9港元。
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