《大行》野村料貝殼(BEKE.US)次季業績可勝預期 微降目標至25.1美元
野村研究報告指,預期貝殼(02423.HK)(BEKE.US)次季經調整盈利將按年下降29%至19.1億元人民幣,略高於市場預期的17.9億元人民幣;預期第三季盈利按年增長1%、但按季跌5%至18.1億元人民幣,低於市場共識。
正面而言,該行認為貝殼將在次季起至下半年採取更審慎的成本管理,可支持公司今年剩餘時間的利潤率,帶動該行全年經調整盈利預測達73億元人民幣。該行認為短期股價催化劑有限,但基於公司在內地房產中介業的領導地位,維持「買入」評級,美股目標價由25.9美元降至25.1美元。
該行又認為,貝殼未來幾季房地產開發業務的現金流將更趨自給自足,並預期該業務的銷售進程與盈利能力將更趨明朗,有助緩解市場對於公司重資產投資拖累回報的疑慮。
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