大和:重申贝壳-W“跑赢大市”评级 目标价下调至46港元

新浪港股
Nov 11
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  大和发布研报称,重申贝壳-W(02423)“跑赢大市”评级,但将H股目标价由56港元下调至46港元,此调整基于采用2026年预期每股盈利计算的23倍前瞻市盈率。

  报告中称,贝壳2025年第三季非公认会计原则(non-GAAP)净利润胜预期10%。尽管2025年第四季及2026年营收展望弱过预期,但相应的利润率指引仍优于市场所担忧情况。该行认为目前股价水平呈现出具吸引力的战术性买入机会。另将2025至2027年每股盈利预期下调19至37%,以反映2025年第四季及2026年交易总额增长弱于预期的影响。

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