You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
研報掘金丨華創證券:保利發展融資優勢突出,維持“推薦”評級
格隆匯 07-17 15:43

華創證券研報指出,土儲包袱拖累保利發展(600048.SH)上半年利潤實現,毛利率仍然承壓。上半年銷售金額同比下降27%,即使是核心城市地產市場也面臨較大下行壓力,倒逼公司拿地更趨於謹慎,上半年僅獲取12宗地塊,權益地價109億元。公司融資優勢突出,保持較高的銷售資金回籠率。融資優勢保障公司不斷聚焦核心城市,改善土儲質量,奠定未來利潤率和ROE回升的基礎,但短期內公司存量土儲可能存在減值壓力。基於剩餘收益模型測算公司價值,得出2024年目標價13元,對應2024年12.5倍PE,維持“推薦”評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account