大行評級|建銀國際:大削萬科企業目標價至5.7港元 評級下調至“中性”
建銀國際發表報吿,將萬科企業H股目標價由11港元大削至5.7港元,評級由“跑贏大市”下調至“中性”,認為萬科去年業績欠佳,盈利減半、不派息(放棄了約30年來持續派息政策),財務狀況惡化。核心盈利下跌50.4%至97.94億元,收入下跌7.6%、毛利率下跌5個百分點,減值損失增加。合約銷售連續三年下跌。
該行指,在萬科去槓桿計劃下,將重視銷售多於利潤率、流動性多於價值、償債多於派息,將今明兩年盈利預測下調43%至52%,目前未見短期催化劑,但亦未預期萬科會出現違約。
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