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《大行報告》摩通首予中駿集團(01966.HK)「增持」評級目標價5.5元
阿思達克 07-19 14:50

摩通發表報告,首予中駿集團(01966.HK)「增持」評級,認為公司現時是以上海為基地的開發商,主要聚焦於杭州灣區,而經過多年的緩慢增長,公司於2017年開始主動採納合營的策略,相信今年公司將有突破,料其合約銷售可成行內最強,以歸屬公司權益計算按年增56%,行業平均則約為22%,而負債水平可控制在行內平均水平,對公司目標價為5.5元,反映有36%潛在上行空間。

摩通預期受惠2017及2018年進取購地,今年公司整體及歸屬公司的合同銷售將分別按年升36%及56%,兩者均屬行內最強,在較牛的場景下中駿將在今年下半年推出更多可售資源,並帶動整體及歸屬公司的銷售增長分別達50%及72%,基於公司上半年仍維持進取購地,相信其跑贏大市的銷售勢頭能持續至2020年。

該行預期上半年其盈利增長可達15-20%,並預期全年核心盈利增長將加快,而2020財年的則有更快的增長。受惠銷售勢頭持續強勁,該行相信市場或會提升對公司2021財年盈利預測,而考慮到同業獲重估的情況,相信公司在2020年可獲更大的重估。~

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