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《大行報告》摩通:中國海外(00688.HK)上季交付量低 料市場反應負面
阿思達克 10-24 14:37
摩根大通發表報告表示,中國海外(00688.HK)公布今年第三季收入及營運盈利按年各下跌59%及82%,因物業交付顯著減少,經營利潤率按年跌13個百分點至10.2%,該行指公司所披露第三季數據欠缺細節如未披露毛利等,而低於預期的交付可能會引發對市場對中國海外今年保持收入正增長的能力的質疑。 該行指,中國海外資產負債表保持穩健,第三季度合同銷售呈現良好復甦(第三季度按年跌幅收窄至8%,第二季度按年下滑23%) 摩通指,由於中國海外於第三季度交付量,通常僅佔全年交付量的15%至20%,這可能不會導致市場對其盈測立即發生變化,但該行仍認為市場將對低於預期的交付量做出負面反應。該行認為,由於內房行業缺乏積極的驅動因素(市場疲軟和缺乏額外的政策寬鬆),料中國海外股價短期內可能會保持低迷,但該行仍重申對中國海外「增持」評級及目標價26元。
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