《大行报告》瑞信上调世茂集团(00813.HK)目标价至31.63元 评级「跑赢大市」
瑞信发表的研究报告指,世茂集团(00813.HK)去年核心净利按年升17%至123亿元人民币,大致符该行及市场预期,毛利率企稳在29.3%,全年每股派息共1.8港元(包含特别息0.3港元),意味股息收益率达6.75%。公司在「三道红线」的政策下为「绿档」企业,去年其扩张计划有所减慢,土地收购仅占销售的30%,低於原先预算的50%。
公司对未来五年销售及盈利年复合增长逾10%的目标不变,展望2021年管理层指引销售将升10%至3,300亿元人民币,估计去化率需达60%,而公司销售势头维持稳健,估计3月份销售有望逾300亿元人民币,毛利率展望亦企稳在29-30%水平。
该行将公司2021-22年盈利预测微调,目标价由30.86元升至31.63元,评级维持「跑赢大市」。
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