金吾财讯 | 交银国际研报指，越秀地产(00123)上半年业绩符合预期：收入同比增长34.6%至475.7亿元人民币（下同），当中房地产开发/房地产管理收入同比增长34.2%/12.5%至440.3/16.1亿元。毛利率下滑3.1个百分点至10.6%，核心净利润同比下降12.7%至15.2亿元，符合该机构此前预测（全年约32-33亿元）。核心派息率稳定在40%，半年每股派息同比减少12.7%至0.151元。上半年合同销售同比上升11%至615亿元，为全年销售目标1,205亿元的51.0%。管理层表示全年约有2,354亿元可售资源，该机构相信在下半年在推盘增加及有更多可售资源的情况下，销售会有进一步的改善，并大概率可以完成全年的销售目标。该机构维持对越秀地产的买入评级，鉴于：1）新土储以及一/二线城市更容易在市场进一步好转时抓住购买力；2）财务状况稳健（“三条红线”仍保持“绿档”达标）和融资成本较低；以及3）其背景以及土储布局更容易受惠于近期的行业支持政策，并维持目标价6.60港元。
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