《大行報告》高盛上調貝殼-W(02423.HK)目標價至63元 評級「買入」
高盛發表研究報告指,貝殼(02423.HK)第二季業績穩健,業務表現符合預期,收入及盈利復甦前景可見性高。
受惠於與國企及優質開發商合作的策略,貝殼將應收賬款收回天數由100天降至72天,為第二季帶來30億元人民幣的經營現金流,預期在市場調整後公司市場份額將恢復,而現金回流及風險管理能力將成為可持續增長的關鍵因素。
高盛維持2022至2024年總成交額及收入預測基本不變,但由於對中國新房銷售的預測下調,估計新房交易服務的佔比將改變,由2021年貢獻利潤約40%,降至2024年貢獻約26%。該行又將2022至2024年非公認會計準則淨利潤率上調2.2%、0.3%及0.3%,目標價上調至63元(原本60元),維持「買入」評級。
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