《大行報告》富瑞降萬科(02202.HK)目標價至8.41元 下調盈測
富瑞發表報告指,萬科(02202.HK)第三季核心盈利33億元人民幣,按年跌32%,主要因為入賬速度減慢,加上收入下跌,以A股為基礎的毛利率按年收窄1.5個百分點至13.5%,不過部分影響被銷售及行政開支減少所抵銷,現金對短債比率由去年同期的1.8倍,改善至2.1倍,淨負債比率則由44%上升至54%。
受樓市疲弱影響,公司第三季合約銷售按年跌23%至770億元人民幣,已出售但未入賬金額4,620億元人民幣,按年跌25%,可能令毛利率持續受壓,對盈利及派息造成風險。銷售復甦緩慢,可能引致資產負債表惡化,潛在投資推遲。
該行對萬科保持審慎,今明兩年盈利預測下調7至9%,目標價由10.3元下調至8.41元,評級「持有」。
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