《大行報告》大摩上調碧桂園(02007.HK)目標價至13.15元 評級「增持」
摩根士丹利發表研究報告,指出碧桂園(02007.HK)管理層下調2020年度的收入指引,料合併收入按年持平,有別於預期的錄14%增長,主要是由於在疫情期間的施工延誤等原因所致。同時,管理層預期來自聯營及合營企業的盈利將錄顯著增長。
該行又引述管理層指,其已售但未入帳項目的毛利率介乎22至24%,預期2020年度的毛利率表現將會在此範圍內,並在2021至2022年保持穩定,並有改善的機會。另外,公司在去年設立新部門,以對其他公司進行股權投資。公司指,已經成功投資數家公司,目標是投資與其可產生協同效應的相關行業,計劃在未來將投資收益計入核心盈利當中。
大摩將公司2020年度的每股盈利預測下調12%,2021及2022年則分別下調6%及9%,以反映收入入帳速度放緩、毛利率正常化及上半年併購土地等因素,並將公司的目標價上調2%至13.15元。維持「增持」投資評級。
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