《大行报告》大摩融创(01918.HK)首四个月买地支出增料短期净负债率上升
摩根士丹利近日发表报告表示,融创中国(01918.HK)管理层上周出席了该行所举行中国投资会议,指内房市场自3月呈持续复苏後,4月及5月回归正常,公司管理层料市场稳定会延续至9月,因不少发展商已推售更多项目。
该行指,融创近期增加收购土储,自去年第四季地价支出380亿人民币後,公司於2019年首四个月已斥800亿人民币进行土地收购(对比同期实现合同销售额1,190亿人民币),即平均地价为每平方米6,000元人民币。融创於今年余下时间,计划进一步支出700亿至800亿人民币预算作为土地收购。
大摩称,由於融创中国於今年首四个月增加收购地皮支出及季节性因素,料公司短期净负债率将会上升。但融创原计划将净负债比率,由2018年年底149%,至2019年年底降至120%。而该行予融创「增持」投资评级及目标价60元,此较对其今年年底每股资产净折让30%。
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