《大行报告》野村:中国海外(00688.HK)销售逐步复苏 惟毛利率仍受压
野村发表评级报告指,中国海外(00688.HK)在香港项目销售进展稳定,加上作为国企开发商,市场有良好认识,公司5月合同销售额录得260亿元人民币,按年跌23%,优于同行销售表现。
野村表示,由于中国海外今年上半年投地较少竞争,相信新收购项目的盈利能力将优于现有土地储蓄。不过,由于公司在2018至2020年期间以更高成本购买土地,故管理层料今年上半年及全年毛利率不会迅速好转。
野村指,由于政府推出各种放松政策及经济重启,管理层留意到近期房地产销量呈正面警号,包括买家参观展厅次数增加。该行表示,维持中国海外目标价为23元,及维持其评级为「中性」。(ca/a)
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