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《大行》中銀國際下調貝殼(KE.US)盈測 目標價降至20.76美元
阿思達克 08-28 15:33
中銀國際報告指,貝殼(KE.US)(02423.HK)第二季度總交易額按季及按年增長4.1%及4.7%,收入按季及按年升11.5%及11.3%,均符合該行預估。收入增長快於總交易額,主要受惠門店數量按季及按年增長6.5%及31.8%,但每店總交易額按年下降部分抵消相關增長。貢獻率按年降5.9個百分點,較該行預估低1.1個百分點,主要由於擴張速度快於預期導致成本增加。毛利按年跌12.5%,較預估低3.3%。 由於銷售、一般及行政費用(SG&A)及稅費低於預期,且其他收入高於預期,經調整淨利潤率超出該行預估1個百分點,經調整淨利潤環按年跌32.4%,超出該行預測16.1%。 該行下調對貝殼今年至2027年經調整每股盈利預測10.5%至13.2%,貝殼(KE.US)目標價由24.74美元下調至20.76美元。鑑於現房市場長期增長前景以及貝殼在新房市場持續議價能力,維持「買入」評級。
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