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《大行報告》大和下調萬科(02202.HK)目標價至10.7元 流動性狀況穩健
阿思達克 09-06 11:04
大和發表報告指,萬科(02202.HK)中期收入按年跌2.9%,純利亦跌19.2%,重申對其「跑贏大市」評級,認爲萬科是內房行業波動當中的倖存者,但相信其盈利壓力將持續存在。 截至6月底止,該行估算萬科稅後未確認銷售額達到4,311億元人民幣,按年減少27%,只達到2022年全年收入的86%,意味着今明兩年營收增長面臨進一步壓力。 惟大和亦指出,萬科流動性狀況依然穩固,目前現金對短期債務比率2.7倍,可爲即將到期的債務提供資金緩衝,同時公司今年首七個月已發行100億元人民幣中期票據,反映融資渠道仍然良好。 基於毛利率下降的預期,該行將萬科2023至2025年盈利預測下調10.3%、8.5%及9.6%,H股目標價由11.5元下調至10.7元。
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