大行評級丨高盛:昇華潤置地目標價至36港元,預計合同銷售利潤率將在2025年觸底回升
高盛發表報告指出,華潤置地(1109.HK)2024財年基礎利潤爲254億元人民幣,按年下降8%,但超出高盛預期22%。管理層預計合同銷售利潤率將在2025年觸底回升。高盛預計其發展物業業務的報告毛利率將從2025至2026年期間的約16%恢復至2027年的18%。預測未來三年其合同銷售中有35%用於土地儲備,這將推動自由現金流持續擴張,支持潛在的股息派發增加。估計2025至2027年期間平均自由現金流收益率爲11%。重申“買入”評級,目標價上調至36港元。
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