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《大行報告》大摩下調碧桂園(02007.HK)目標價至1.68元 評級「與大市同步」
阿思達克 11-10 11:35
摩根士丹利發表報告指,碧桂園(02007.HK)的合同銷售正在改善,或會略微緩解其短期現金流壓力,但該行憂慮利潤率可能會比預期更快收縮,這或會影響其中期盈利前景。該行進一步下調集團2022至24的毛利率預測10%至11%。 該行表示,雖然碧桂園目前擁有大量可售資源,但基於住房需求疲弱的低線城市敞口較大和較高的庫存,料集團難以從預期實體市場的復甦中受惠。此外,較低的利潤率或會繼續侵蝕其核心盈利,料今明兩年分別為133億元人民幣和138億元人民幣,2024年則為139億元人民幣。此外,該行預計集團今年不會派發股息,而隨後2023至24年的派息率將降低15%至20%,以反映現金短缺情況。該行將其目標價由1.92港元下調至1.68港元,予評級「與大市同步」。
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