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《大行報告》大摩降綠城中國(03900.HK)目標價至8.26元 土儲優質及代建強勁增長
阿思達克 03-26 11:05
摩根士丹利發表報告指,綠城中國(03900.HK)擁有具質素的土地儲備,得以維持超出同業的物業銷售,預期今年合約銷售1,843億元人民幣,按年跌5%,由2,450億元人民幣的可銷售資源支持,今年上半年土儲亦有潛在提升。 該行認為公司在2020至2021年吸納的低利潤率項目,影響已陸續減退,明年毛利率將會開始復甦,另外公司將收購土地至銷售的周期,由5.5個月縮短至4.7個月,相信亦可以減輕售價不明朗的壓力,提升利潤率的透明度。 報告指,綠城去年未入賬毛銷售2,565億元人民幣,連同今年物業銷售及資產減值損失較低,估計2024年至2026年盈利複合年增長率為10%至15%,維持其「增持」評級,目標價由8.68元微降至8.26元。
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