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招银国际：维持碧桂园服务“买入”评级 目标价降至27.06港元

China Banking International: maintain Country Garden Services Holdings's "buy" rating and lower the target price to HK $27.06,

Moomoo 24/7 ·  Aug 24, 2022 23:00
China Banking International released a research report to maintain Country Garden Services Holdings's "buy" rating because of faster-than-average revenue growth and diversified sources, the valuation is also more attractive than the industry, and based on the downgraded earnings per share forecast and 15 times 2022 price-to-earnings ratio, the target price is lowered to HK $27.06. The scale of the company has expanded steadily, and through active external expansion and mergers and acquisitions, the managed area and contract area (except "three supplies and one industry") have increased by 30.9% to 8.43 / 1.609 billion square meters. The bank said its first-half results were largely in line with expectations, with revenue rising 73.5 per cent year-on-year to Rmb20.1 billion (the same below) as a series of acquisitions between last year and the first half of this year. In addition, the overall gross profit margin fell 6.5% to 26.9%, the net profit belonging to the parent company increased by 21.9% to 2.576 billion yuan, and the net profit margin fell 5.4% to 12.8%, dragged down by impairment losses on financial assets.
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