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《大行報告》里昂升龍湖(00960.HK)目標價至12元 盈利質量更好
阿思達克 03-25 10:04
里昂發表報告指,龍湖集團(00960.HK)去年基本利潤按年下降50%,處於盈警範圍下限。不過,其營運及服務收益持續上升,並佔約六成利潤,增長中的經常性盈利可提供融資支持及更佳盈利可見度。該行稱,由於龍湖有充足的財務資源應對今年到期的剩餘140億人民幣債務,認為其今年流動性風險較低。 該行將龍湖今年盈利預測分別下調23%和21.6%,以反映較低的物業銷售利潤率,但上調目標倍數,因為利潤質量更高,組合更健康。因此目標價相應由11.4元上調至12元,並維持「買入」評級。
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