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《大行報告》高盛下調龍湖(00960.HK)目標價至26元 評級「買入」
阿思達克 08-22 10:59
高盛發表報告指,受物業開發業務入賬額低於預期,龍湖集團(00960.HK)上半年核心利潤剔除匯率及重估影響後按年跌2%,達到66億元人民幣,達到高盛及市場原先全年預測分別31%及29%。中期毛利率、投資物業及物管業務營收增長放緩,部分被合資企業收入增加與土地增值稅減少所抵銷。 基於中期業績表現,高盛將龍湖2023至2025年每股盈測平均下調22%,房地產開發業務收入預測平均下降9%,房地產開發毛利率預測則平均下調3.6個百分點。 同時由於投資收益較預期弱,該行將龍湖2023至2025年投資物業及物管業務收入預測平均下調15%及26%,計及新收購項目及人民幣匯兌因素,將目標價由33元下調至26元,看好集團資產負債表強勁及長期增長前景向好,維持「買入」評級。
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