麥格理:下調美聯(1200.HK)目標價至1.5港元 評級“跑贏大市”
麥格理髮表研究報告指,在調整對住宅交易及客户與經紀間回佣的預測後,更新了對美聯(1200.HK)
的估值及盈利預測。該行指,公司股價已自2月份的高位回調35%(相對恆指跌7%),相信6月份部分活動發生後,二手樓市表現疲弱的影響已在市場上反映出來。
該行指出,第三季的交投量雖然疲弱,但在施政報告發表後有所反彈。考慮到第三季及第四季的數字,該行預期美聯仍會在2019下半年錄得虧損,但相信股價已反映預期公司2019年盈利持平或有輕微下跌。另外,在施政報告發表後二手購買情緒反彈,一手市場亦看到溢出效應,發展商推售的新盤項目錄得良好的銷售率,相信未來數月新盤市場持續出現利好的銷售消息將會成為股份的催化劑。
麥格理將公司2019至21年每股盈利預測削至0.06/0.12/0.19港元,目標價由原來的4.54港元大幅下調至1.5港元,維持“
跑贏大市
”投資評級。
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