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《大行》匯豐研究降龍湖(00960.HK)目標價至11.6元 評級「持有」
匯豐研究發表研究報告指,龍湖(00960.HK)核心利潤按年跌71%,主要是房地產開發業務利潤率大幅壓縮,以及經常性收入增長放緩。儘管龍湖財務狀況依然良好,並基本上已反映在股價中,但盈利復甦仍需時。具體而言,該行預計,在2025年至2026年將有1,060億元的低利潤未入帳銷售額確認,這將阻礙其盈利復甦的步伐。 該行對租金收入大幅改善,或分拆房地產投資信託基金(REITs)以釋放其投資項目價值更樂觀,該行將集團在2025年至2027年銷售預測下調3%至7%,其毛利率下調3至6個百分點,核心利潤則下調12%至39%。該行將其目標價由12.3元下調至11.6元,維持「持有」評級。(ca/u) ~
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