《大行報告》美銀證券下調龍湖(00960.HK)目標價至25元 評級「買入」
美銀證券發表評級報告指,龍湖(00960.HK)上半年核心利潤按年升0.6%至65.9億元人民幣,符合預期,而整體毛利率按年升1.1個百分點,但發展物業毛利率進一步降至14.3%,中期每股派息0.32元人民幣,派息率達30%。
該行指,公司下半年擁有2,200億元人民幣的可銷售資源,意味著其銷售率須達致45%,才符合其按年持平的合約銷售目標;管理層預料隨著時間的推移,發展物業毛利率將恢復至20%以上,主要是自2022年之後購買的土地具有更佳的利潤潛力,惟該行認為近期有更多平均售價的壓力。
該行將公司在2023年至25年核心利潤預測下調2%至7%,目標價由27元下調至25元,維持其「買入」評級,仍視龍湖為行業的首選。(ca/u)
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