高盛上调绿城中国(3900.HK)目标价至8.9港元评级“中性”
高盛报告指绿城中国(3900.HK)
上半年核心纯利按年跌36%至18亿元人民币,相当于该行及市场全年预期的64%及71%,毛利率表现好过预期抵销了入账收入较少的影响。虽然公司努力扭转表现,毛利率强劲复苏,以及预售增长有机会加速(下半年料按年升65%,上半年为4%),主要受惠于新项目集中于下半年推出。
不过,该行认为公司盈利增长的说服力不及其他更强的内房同业,这是考虑到几项因素:公司的利息及一般营运支出依然高企;管理层指需要进一步积极争取土储;其轻资产业务(主要是项目管理)贡献相对仍少;及业务架构重整后需时测试其营运效益改善情况。
该行将绿城中国2019-2021年每股盈利预测平均上调14%,目标价由8港元升至8.9港元,评级“
中性
”。
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