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《大行報告》瑞信下調萬科(02202.HK)目標價至16.1元 評級「跑贏大市」
阿思達克 04-12 10:14
瑞信發表報告指出,萬科(02202.HK)去年核心盈利持平於226億元人民幣,符合該行預期。期內盈利能力受壓,毛利率跌至19.5%,淨利率跌至4.5%。全年共派息68分人民幣,派息比率由2021年的50%降至去年的35%。 該行認為,萬科財務狀況強勁,加上其融資能力與營運效率,應較其他非國有開發商處更有利位置。該行將萬科2023至2024年的盈利下調2%至3%,H股目標價由16.8元下調至16.1元,維持「跑贏大市」評級。
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