《大行》野村維持中海外(00688.HK)「中性」評級 目標價上調至14.6元
野村發表研究報告指,中國海外發展(00688.HK)上半年業績表現疲弱,收入按年溫和下跌4.3%至832億元人民幣,核心淨利潤按年下降17.5%至88億元人民幣。受去年同期高基數影響,毛利率按年下跌4.7個百分點至17.4%,但按半年改善3.6個百分點。由於未入賬預售的平均毛利率較佳達18.8%,該行憧憬中海外在中期內毛利率有復甦潛力。
上半年集團合約銷售額按年跌19%至約1,200億元人民幣,維持為行業銷售排名前兩位,一線城市及香港貢獻54%銷售額,期內增加土地投資至404億元人民幣,共涉及17個項目,90%以上投資分配於北京、深圳及杭州等核心城市。野村維持中海外今明兩年銷售及盈利預測不變,目標價從12.2港元上調至14.6港元,維持「中性」評級,但較偏好華潤置地(01109.HK)。
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