《大行報告》花旗下調碧桂園(02007.HK)目標價至2.5元 評級「中性」
花旗發表研報指,碧桂園(02007.HK)宣布發展戰略轉向一、二線城市,目標將佔比提升至50%,並擬著重發展輕資產業務,考慮到管理層表明將專注於提升回款以推動現金流及資產負債表,而非銷售規模和盈利能力,預計其盈利規模需時恢復,維持「中性」評級,目標價由2.95元下調至2.5元。
該行指,碧桂園未有給出具體銷售目標,估計今年銷售額將依賴於約9,555億元人民幣的現有土地儲備及200億元人民幣的管道資源,預測全年合同銷售額將達到2,550億元人民幣,按年跌29%。(gc/s)
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