晨星：下调中国海外发展(00688)公允价值预测10% 业绩不佳但料2027年好转

智通财经04-01

智通财经APP获悉，晨星发布研报称，将无护城河的中国海外发展(00688)公允价值预测下调9.5%，从21港元下调至19港元，主要原因是对于收入预期更加保守。不过，该公司仍让是该行在中国房地产板块的首选，股价目前仍较该行估值折让40%。晨星指，中国海外发展2025年的收入和经营利润同比分别下降9%和26%。尽管预售物业价格走低拖累利润率，但该公司的土地投资增长47%到1190亿元人民币，其中...

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