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《大行報告》高盛下調萬科(02202.HK)目標價至30.7元 評級「沽售」
阿思達克 03-19 10:30
高盛發表的研究報告指,萬科企業(02202.HK)去年純利增15%至389億元人民幣,較該行及市場預期低5%及6%,主要因為入帳情況慢過預期,該行將公司2020-2022年每股盈利預測分別下調9%、9%及5%,以反映項目入帳延遲及工程受阻、較大的利潤壓力及最新收購的項目,並將公司目標價由32.3港元降至30.7港元,維持「沽售」評級。

該行指出今年首兩月公司獲取了約70萬平方米的土地,涉資34億元人民幣,相當於期內已售面積的21%左右,但同業平均買入的土地相當於銷售210%。該行估計今年公司合約銷售將跌5%,主要因為購地步伐較慢以及受疫情影響房地產市場復甦之路顛簸。該行估計今年公司毛利率將續跌0.5個百分點至25%,而銷售、一般及行政開支佔合約銷售的比例將進一步升至4%,以反映受疫情影響而花費的額外開支。

而在其他業務板塊上,該行認為公司去年表現在正軌上,非核心業務收入亦錄17%的增長,達到150億元人民幣,當中物管業務收入升30%至127億元人民幣,而新簽項目貢獻亦按年增33%至54億元人民幣。而在長租公寓方面,去年公司開業5.6萬套房,令整體數目增至11萬套,平均出租率達90%的健康水平。

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