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匯豐研究:降中國海外(0688.HK)評級至“持有” 目標價下調至27.1港元
格隆匯 10-28 15:01
匯豐研究發表的報告指,中國海外發展(0688.HK) 第三季經營溢利按年跌1%至74億港元,令首三季經營溢利增長僅2%,另外業績亦反映利潤下行情況,第三季經營利潤率跌至26%,而上半年相關水平為39%,該行認為部分是由於產品組合改變,但第三季業績明顯令人失望,並令市場質疑公司短期的執行能力。該行早前對股份看法正面並預期盈利勢頭將好轉,但現時則認為相關看法屬言之尚早,並且在今年下半年難以實現,將股份評級由“ 買入 ”降至“ 持有 ”,目標價由36.6港元降至27.1港元。
該行相信,2019年將是公司連續第四年業績令人失望,主要因為今年首三季業績疲弱,即使第四季表現強勁亦不足以令公司達到市場對其全年的目標,加上其派息比率低於行業,難對其有正面看法。儘管公司估值便宜,但不認為市場氣氛可在2020年下半年之前有改善。
該行將公司2019年收入預測削5%,核心盈利預測則降7.7%,以反映首三季業績及利潤表現,該行現時對公司2019及2020年核心盈利的預測分別較市場預期低8%及5%,認為市場對公司盈利預測過份樂觀,而且有機會因第三季業績較弱而予以下調。

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