《大行報告》美銀證券降萬科(02202.HK)目標價至14元 下調盈測反映較低毛利
美銀證券發表研究報告指,萬科(02202.HK)公布第三季收入下跌32%,毛利率倒退至14.7%,拖累純利亦按年跌22%。首三季公司純利亦跌20%,達到美銀經調整全年度預測的76%,期內在手總現金則按季減少15%至1,040億元人民幣,主要由於萬科第三季加大土地收購所致。
截至9月底止萬科現金對短債比率降至2.2倍,但美銀認為目前仍處於合理水平。基於利潤率預期較低,該行將今明兩年盈利預測下調1%至10%,2023至2025年每股盈測分別降至1.55、1.28及1.29元人民幣,目標價由16元降至14元。
美銀又指,雖然短期內可能面臨利潤壓力,但看好萬科均衡的業務結構,同時亦持續獲得大股東深鐵集團的支持。對於萬科旗下印力集團近日申請以杭州西溪印象城為資產,發行C-REIT,美銀認為將令萬科投資物業價值釋放可見度提高,並提供一定流動性。考慮到估值仍具有吸引力,重申「買入」評級。
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