《大行報告》摩通上調貝殼(BEKE.US)目標價至17美元 評級「中性」
摩根大通發表研究報告指,對貝殼(BEKE.US)長遠業務前景更趨樂觀,因為業務具有穩固的市場定位、盈利能力具韌性和風險管理穩固。儘管內地房市正處於下行周期,但其現金周期和資產負債表仍有改善。該行認為,近期股價可能會保持區間波動,因為投資者對房地產寬鬆措施的有效性、疫情和潛在佣金率上限的消息流保持警惕。如果這些不穩定因素被清除,則該行對其潛在估值重評更趨正面。
該行表示,由於第四季房地產市場疲弱及明年復甦走勢更為漸進,分別降集團今明兩年的收入預測各6%和15%,另上調期內經調整淨利潤率分別至2.5%及7.5%,以反映利潤率改善及營運效率。該行上調其估值基礎,由原先2025年預測市盈率18倍升至20倍,目標價相應升13%,由15美元升至17美元,予「中性」評級。
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