《大行報告》大摩下調貝殼(BEKE.US)目標價至19美元 評級「增持」
摩根士丹利發表報告指,貝殼(BEKE.US)第三季收入好過市場預期,反映內地樓市刺激措施下,購買住宅的意欲復甦,而盈利表現強勁,則反映成本控制得宜。展望第四季,公司預期收入介乎180億至185億元人民幣,按年增長7.5%至10.5%。基於10月的積極指標,該行估計第四季收入能達到192億元人民幣,按年增長15%,較指引水平更佳;預測非公認會計準則經營溢利17億元人民幣,經營利潤率8.7%,非公認會計準則純利估計為16億元人民幣。
因應季績強勁,該行將今年全年盈利預測上調14.9%,明年及2025年則輕微上調1%。今年至2025年三年期間,非公認會計準則淨利潤率預測,分別為12.6%、11.1%及11.7%。該行應用的淨現金假設折讓,由20%調整至30%,以及調整人民幣兌美元匯率預測,因此將目標價由22元下調至19元,評級「增持」。
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