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《大行報告》大摩:萬科(02202.HK)季績雖弱 流動性風險可控
阿思達克 10-30 14:34
摩根士丹利發表報告指,萬科(02202.HK)第三季業績表現疲弱,其核心盈利按年下跌32%,收入按年亦倒退32%,主要因為銷售物業收入下跌,物業發展毛利率收窄2.3個百分點,未入賬銷售按季減少5%至4,620億元人民幣,不過全年竣工量中,有40%集中在第四季。該行認為,萬科流動性風險可控,財務狀況仍然穩健,現金對短債的覆蓋比率為2.2倍,短債佔總借貸的比例維持在14.8%的低水平。 該行估計萬科每股資產淨值13.75元,當中發展物業相當於每股14.2元、其他業務為每股5.47元,至於淨負債每股6.36元。以資產淨值折讓35%計算,目標價8.94元,評級「減持」。
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