智通财经APP获悉，大摩发布研究报告称，新城发展(01030)上半年的财务业绩以及超出预期的发展业务利润率，对其盈利预测和目标价进行了调整。该行上调新城发展目标价由1.97港元至2.22港元，评级维持“与大市同步”。
该行将新城发展2025年的毛利润率预测下调0.3个百分点，2026年上调3.9个百分点，2027年上调5.6个百分点，分别为19.5%、27.2%和31.6%，反映了由于物业销售预订减少，资产减值低于预期。
此外，大摩亦将2025年的核心盈利预测上调4.1%，2026年上调3.0%，2027年上调2.6%，部分被低于预期的销售、一般及行政费用(SG&A)以及利息支出的节省所抵消。考虑到上述因素以及改善的流动性状况，将新城发展的净资产值(NAV)预估值上调至每股3.71元。
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