大行評級|高盛:上調中國金茂目標價至1.5港元 評級升至“買入”
高盛發表研報,預期中國金茂開發物業業務利潤率及股東權益回報率將較同業更快復甦,主要由於公司已錄得同業領先的存貨減值,減輕了對公司在低迷期前收購的舊有土地儲備利潤率不確定性的擔憂;以及自2024年下半年加速在覈心地段和高檔項目進行土地儲備後,估計公司可售資源的35%將實現中高十位數的毛利率。
受逐步復甦的開發物業毛利率及高利潤經常性收入貢獻推動,高盛預測公司2025至2027財年的綜合毛利率,將分別爲14.7%、15.3%及15.4%,從而推動2027財年現金股東權益回報率升至8%。該行將中國金茂評級由“中性”上調至“買入”,目標價由1.15港元上調至1.5港元。
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