《大行報告》高盛降萬科(02202.HK)評級至「中性」 目標價降至16.2元
高盛發表報告指,萬科(02202.HK)H股與A股估值差距何時會顯著收窄的可見性較低,目前維持在平均20個百分點,可能是由於投資者對內房行業的興趣不高,因此將萬科H股投資評級從「買入」下調至「中性」。
該行指考慮到萬科資產負債表相對較弱,新增土地儲備進度落後於同業,加上合約銷售基數較高,因此高盛預計萬科今年合約銷售表現將遜色於該行覆蓋的國企內房發展商,並預測萬科今年毛利率表現將趨於穩定,2023至2025年達到所覆蓋的國企平均水平,料萬科於2023至2025年每股盈利複合年增長率預測為4.5%。
高盛表示,仍然看好萬科的長期增長前景,每股資產淨值及每股盈利預測維持不變,目標價從18.7元降至16.2元,較今年底止每股資產淨值預測有約35%折讓。
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