野村:維持萬科(2202.HK)中性評級 目標價30.1港元
野村發表研究報吿表示,萬科(2202.HK)去年核心利潤按年升5%至402.38億元人民幣,遜預期;收入按年升14%,遜預期;毛利率按年跌7.2個百分點至28.8%;全年派息1.25元,按年升23%,對應36%派息比率,對比2019年為31%。該行維持其中性評級,目標價30.1港元。
野村指,萬科的去槓桿化進程快於預期,去年已處於“三條紅線”政策的“黃線”,管理層料今年首季可達“綠線”。另外管理層未有提供清晰的毛利率指引,但有信心未來幾年可維持高於行業平均的毛利率。公司又目標今年合同銷售額可按年升13%至7900億元人民幣,核心利潤按年升24%至500億元人民幣。
野村續指,萬科去年物業管理業務收入按年升27%至182億元人民幣,在管面積5.66億平方米,為行業最大,不過公司仍然未有分拆物業管理業務的時間表。
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