大行评级|高盛:上调中国金茂目标价至1.5港元 评级升至“买入”

格隆汇
31 Mar

高盛发表研报,预期中国金茂开发物业业务利润率及股东权益回报率将较同业更快复苏,主要由于公司已录得同业领先的存货减值,减轻了对公司在低迷期前收购的旧有土地储备利润率不确定性的担忧;以及自2024年下半年加速在核心地段和高档项目进行土地储备后,估计公司可售资源的35%将实现中高十位数的毛利率。

受逐步复苏的开发物业毛利率及高利润经常性收入贡献推动,高盛预测公司2025至2027财年的综合毛利率,将分别为14.7%、15.3%及15.4%,从而推动2027财年现金股东权益回报率升至8%。该行将中国金茂评级由“中性”上调至“买入”,目标价由1.15港元上调至1.5港元。

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