《大行報告》大摩下調碧桂園(02007.HK)目標價至2.4元 評級「與大市同步」
摩根士丹利發表報告指,碧桂園(02007.HK)的2022財年業績符合其早前公布的盈警。該行關注集團的銷售及利潤率展望疲弱,認為這在中期來看,將繼續阻礙其盈利增長,除非集團更加積極地購買新土地,料其今年銷售額將按年下降逾10%,至3,160億元人民幣。
該行提到,集團管理層強調今年將恢復購買土地,預算上限為銷售收入的40%,目標是在一線城市購買更多項目,以在中期內將其在低線城市的風險敞口降至50%。該行認為,這是平衡公司風險敞口的正確方式,惟憂慮疲弱的銷售或會限制其補充土地儲備能力。該行分別下調集團今明兩年的盈測11%及12%,降目標價9%,由2.64元降至2.4元,評級「與大市同步」。
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