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《大行報告》匯豐研究降綠城中國(03900.HK)目標價至10.1元 風暴中穩步前行
阿思達克 03-26 10:32
匯豐發表研究報告指,綠城中國(03900.HK)撇除股息削減的負面因素,公司於2023年業績表現不俗。與盈利表現相比,公司的財務健康狀況在現時更受市場關注。該行認為綠城中國受惠於國企背景,流動性風險相對較低,亦有持續發行境內債券和土地儲備。 該行亦認為綠城中國一直更為關注快速周轉項目的策略,有望令公司2024年的銷售額更具成長潛力。另外在岸債券方面,公司分別於今年1月及3月發行兩筆10億元人民幣的中期票據。該行認為集團在風暴中穩步前行,相關部署對公司是一大優勢,皆因在當前的經濟環境下,大部分發展商均無法發行新債券。 展望未來,匯豐將綠城中國2024年及2025年盈利預期分別下調4%及5%,主要受累於預期利潤率下降,並反映公司在預測期內成長放緩的情況及對其庫存減值的擔憂,目標價相應由11.1元下調至10.1元,維持「買入」評級。
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