《大行報告》大摩下調中國海外(00688.HK)目標價至22.4元 下調盈測反映交付和毛利較弱
摩根士丹利發表報告指,中國海外(00688.HK)今年第三季經營表現疲弱,由於入賬時間偏差,季度收入按年下跌59%,毛利率受壓亦令經調整經營利潤按年倒退約75%。
該行下調中海外今年至2024年各年盈測介乎8%至9%,分別至320億元、345億元及347億元人民幣,反映交付和毛利較弱;今年合同銷售預測下調至3,000億元人民幣,意味按年下跌19%。至於股份目標價由23.84元調低至22.4元,評級「增持」。
大摩提到,中海外目前仍繼續主動收購土地,今年首三季增加約1,800億元人民幣的可售資源,其土儲周期延長至3.7年,為行內最高之一。在新盤市場復甦下,該行相信集團具質素的土儲可支持其合約銷售於明年有逾10%增長,並鞏固集團作為行業主要整合者的領導地位。
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