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大行評級|高盛:下調中海物業目標價至6.5港元 下調2024至26財年每股盈測
高盛發表研報指,中海物業今年上半年淨利潤增長良好,主要由於毛利率表現勝預期。雖然新簽約的第三方項目價值增長為公司未來增長提供一定支持,不過由於消費逆風及長期的地產商流動性限制,對企業及對消費者的增值服務收入增長低於預期。從應收賬款大幅增加及應收賬款天數延長而言,現金回款情況可能出現惡化。該行指,中海物業管理層決定將中期派息率提高至35%,並將派息率指引提高至逾30%。該行提及,中海物業未來更高派息的可持續性將取決於現金回籠的改善,考慮到目前宏觀市場逆風,其可見性是不確定的。另外,高盛將中海物業2024至2026財年每股盈利預測平均下調8%,同時將其目標價下調8%至6.5港元,維持“買入”評級。
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