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《大行報告》野村降萬科(02202.HK)評級至「中性」 目標價下調至12.5元
阿思達克 04-03 16:22
野村發表研報指,萬科(02202.HK)業績表現令人失望,雖然營業收入按年增長11%,表現不錯,但核心淨利潤按年下降12%至198億元人民幣,遠低於該行估計的247億元人民幣,核心淨利潤率更進一步惡化至3.9%。 該行預期萬科經營情況短期內不會出現重大改善,今年房地產銷售反彈幅度改善有限,首三個月合約銷售額錄得按年跌幅約5.4%,是「綠檔」開發商中表現最差。 考慮到物業開發業務仍然佔萬科盈利較大比重,野村將其今明兩年公司盈利預測下調24%至28%,並將目標價由24.5元大幅下調至12.5元,評級由「買入」降至「中性」。
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