高盛:降大悦城地产(0207.HK)目标价至1.14港元 评级“中性”
高盛发表的报告指,大悦城地产(0207.HK)
上半年基本纯利按年跌64%至5.51亿元人民币(下同),主要受去年同期出售北京W酒店影响基数较高,如撇除相关因素核心净利按年增长31%,核心利润率为8%,符合该行预期。
该行重新调整了对公司2019至2021年各年每股基本盈测,分别升6%、降1%及升3%,以反映预售、入帐表现慢过预期,以及利息支出与少数股东权益增加等,但正面来看物业销售毛利率上升,另外上半年亦收购了两个新项目。经考虑人民币兑港元汇率预测后,高盛将公司目标价由1.2港元降至1.14港元,评级“
中性
”。
高盛指公司聚焦“
双轮驱动
”、“
双核心
”及“
双平台
”,冀重组后可共享资源及增合作的机会,管理层预期大悦城地产规模增长将加快,并有潜在的资产配置改善,但该行认为在销售、租赁增长及成本管控未见改善的情况下,公司仍是该行所覆盖的企业中潜在回报最低的股份之一。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.