大行評級|摩根大通:予龍湖集團“增持”評級 目標價23.5港元
摩根大通發表報吿指出,龍湖集團中期核心溢利按年增長0.6%符合預期,收入按年跌35%遜預期。由於毛利率緊縮情況超預期,開發物業EBIT按年跌62%,惟有關跌幅被以下因素抵銷,包括經常性收入EBIT按年增長25%。資產負債表仍然穩健,儘管短期債務的現金覆蓋率降至1.27倍。該行認為,目前市場對龍湖全年盈利預測一致,意味着按年下跌1%。然而,由於去年合約銷售按年跌31%,因此該行料市場對其盈測或有更多下行空間。目前,該行料公司全年核心盈利按年跌7%,如毛利率差過預期,核心純利或進一步下滑。該行指龍湖業績大致符合預期,因此料股價將更多受銷售和政策變化所推動,予“增持”評級,目標價23.5港元。
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