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【券商聚焦】摩根士丹利下调绿城管理(09979)目标价4.1% 指去年楼市平淡 公司利润率受压

[Brokerage Focus] Morgan Stanley lowered the Target Price of Greentown Management (09979) by 4.1%, citing the dull real estate market last year leading to pressure on company profit margins.

Jinwu Financial News ·  Jan 17 02:59  · Ratings

Jinwu Financial News | Morgan Stanley has adjusted its profit forecast for GREENTOWN MGMT (09979) for the following reasons: first, the real estate market performance in 2024 is expected to be mediocre, and the project management and government project acquisition rates are decreasing, putting pressure on profit margins; second, construction activity in the second half of 2024 is expected to remain sluggish, leading to a slowdown in revenue growth expectations; third, savings rates are declining in the second half of 2024, and cash balances are decreasing, resulting in lower interest income.

Based on the above factors, Morgan Stanley has lowered the company's revenue forecasts for 2024-2026 by 3%, 3%, and 5% respectively, to reflect the slowdown in project construction progress. At the same time, considering the decline in gross margin, the profit forecasts for 2024-2026 have been reduced by 14.6%, 14.3%, and 13.4% respectively.

The firm has lowered the target price for GREENTOWN MGMT by 4.1%, from the original HKD 3.67 to HKD 3.52, maintaining a 'Shareholding' rating.

The translation is provided by third-party software.


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