摩根大通首次覆盖美的置业给予增持评级下半年首选
7月18日，摩根大通发布研报首次覆盖美的置业(03990.HK)，称美的置业为一家兼具成长性和抗风险能力的类国企开发商，给予增持评级：2019下半年的首选标的，给予目标股价34港元。
研报指出，美的置业的定位具有独特的吸引力，一方面，美的置业表现出强劲的增长性，2018-2021年盈利年均复合增长率为37%，高于同行业20%的平均水平；另一方面，得益于控股股东的支持，美的置业的抗风险能力非常强，核心人物风险较低，5.9%的平均融资成本低于中小型地产开发商6.8%的平均水平。
这种成长性和抗风险能力的均衡成为相对于其他中小型地产发展商获得重新评级的最佳理由。基于4.2倍的未来12个月P/E和8%的股息率，摩根大通认为美的置业为中小型发展商的首选标的。
摩根大通预测，美的置业2019年上半年将录得30%以上的盈利增长，有可能于2019年9月被纳入港股通。基于2019和2020年6.5倍的平均P/E，摩根大通给出美的置业2020年6月的目标价为34港元，存在59%的上涨空间。
摩根大通认为，美的置业未来将实现销售盈利双双高增长。美的置业2016-2018年权益合约销售额的年均复合增长率为71%，远超同行业43%的平均水平。在此基础上，摩根大通预测美的置业2018-2021年核心净利润的年均复合增长率将高于行业平均水平。同时，美的置业的可售货源充足，足以支撑未来4.3年的销售；土储成本较低，平均土地成本占销售均价的23%，低于同行业28%的平均水平。
同时，摩根大通指出，美的置业目前的市值处于被低估状态，目前的P/E为4.2倍，非常具有吸引力。考虑到美的置业正处于盈利的持续增长期，摩根大通认为美的置业将保持销售持续增长，持续释放盈利，加上拥有新上市公司中少见的低成本融资能力，预计在接下来一年内，美的置业将会被重新评级。
据悉，去年上市以来，包括海通国际、花旗银行、法巴银行、中金、建银国际和摩根大通在内的6家机构共对美的置业出具了13份研报，机构一致看好美的置业的发展潜力，给予“买入”或“增持”评级。
来源：新浪财经
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