大华继显首予正荣地产(6158.HK)“买入”评级目标价8.37港元
大华继显首次研究覆盖正荣地产(6158.HK),予以“买入”评级,目标价8.37港元,较每股资产净值16.5港元折让49.3%。此目标价意味着2019年预测市盈率为4.5倍,有66.7%潜在上升空间。报告指,正荣地产主要增长动力来自销售高增长、充裕及成本低土储及持续扩张的融资通道。
报告指,今年上半年公司实现合约销售586亿元(人民币,下同),于2019年的销售目标为1300亿元,按年增长20%。土地储备方面,正荣地产今年1至5月新增18块土地,建筑面积约180万平方米,预期货值达240亿元,当中七成位于二线城市,对未来销售有正面影响。
融资渠道方面,该行预期公司未来2-3年的财务结构将大幅改善。截止2018年年底,公司的总借贷按年增加44亿至464亿,短债占比达51.3%。平均融资成本为7.8%,净负债比率为74%,按年下降109个点。报告亦称,公司持有近300亿现金,以及畅通的美元债融资通道,预计短期融资压力不大。
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