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《大行報告》花旗上調萬科(02202.HK)目標價至21.2元 評級「買入」
花旗發表研究報告指,萬科(02202.HK)管理層於業績發布會上重申2022年行動計劃,穩定經營開發業務,並提高非物業開發業務的營運效率,預期將帶動收入和淨利潤企穩回升。 該行指出,雖然萬科受到疫情反彈及中國GDP增長放緩的影響,但認為其在執行上表現很好,維持全年收入及淨利潤增長目標,預期未來兩年將確認的6,670億元人民幣高額未入賬銷售額,將支持公司盈利回升,預期盈利水平已於2021財年見底下,今年全年應恢復上升趨勢。 基於今年預測市盈率約8倍不變,花旗重申「買入」評級,目標價由20元上調至21.2元,但將2022至2024年盈利預測下調9.3%至16.6%,以反映最新銷售趨勢。
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