《大行報告》高盛上調碧桂園服務(06098.HK)目標價至10.1元 評級「中性」
高盛發表研究報告指,碧桂園服務(06098.HK)上半年淨利潤按年跌9%至24億元人民幣,佔2023財年該行預測的63%,大部分業務板塊收入增長乏力,毛利率按年收縮2個百分點,與預測一致。管理層指出,撇除由於併購等產生的無形資產攤銷影響,經調整毛利率按年降3個百分點至27.4%,而撇除可轉債借款成本、股份支付費用、金融資產未實現收益及攤銷影響、股權質押第三方貸款減值、處置子公司損失和對外擔保預期信用損失,上半年核心利潤跌10%至26億元人民幣。
該行在集團公布中期業績後,下調其2023至25財的平均收入預測7%,料複合年增長率為13%,同時上調其2023至25年的平均毛利率預測上調1個百分點至23%。該行將集團2023至25年的平均每股盈測上調6%,目標價由8.9元升至10.1元,維持「中性」評級。
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