《大行》匯豐研究升綠城中國(03900.HK)目標價至11.8元 維持「持有」評級
匯豐環球研究報告指,雖然綠城中國(03900.HK)上半年淨利潤按年下跌90%,但該行仍見到業績中有積極表現,包括毛利率按年升0.3個百分點至13.4%,下半年可售資源中新項目的比例增加,以及融資成本按年下降40個基點至3.6%。不過,該行認為投資者已預期到該些積極因素,股價進一步上行需要額外催化劑;維持「持有」評級。
該行將2025至2027年毛利率預測上調0.3至0.5個百分點,將2025及2026年盈利預測分別下調54%及39%,預期2026及2027年盈利將自低基數有70%及33%增長;目標價由11.5元升至11.8元。
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