汇丰粤港澳大湾区三年规划利好龙光地产(3380.HK)中期业绩将强劲增长
著名国际投资银行汇丰银行近期发布研究报告，继续推荐买入粤港澳大湾区龙头发展商龙光地产(3380.HK)。汇丰指出，龙光地产6月合约销售同比增长63.5%至108.6亿元，再创历史新高，已完成年度850亿权益合约销售目标的53%，目标完成率居行业前列。
汇丰指，近期广东省出台粤港澳大湾区建设三年规划，将建设国际科技创新中心和现代化产业体系，区内轨道交通设施将大幅扩容，逐步形成宜业宜居宜游的国际化大都市圈。受益于大湾区内强劲的购房需求，龙光地产今年前6个月累计实现合约销售额约为453亿元，同比增长27%。汇丰预计国际新兴产业和高端人才将不断流入粤港澳大湾区，拉动大湾区经济持续增长几十年。汇丰认为，龙光超过80%的土地储备均分布在大湾区的一二线主要城市，是大湾区经济增长的主要受益者，业绩长期持续增长可期。
汇丰预测，作为粤港澳大湾区的长期领跑者，集团2019上半年业绩将继续强劲增长，全年可顺利完成100亿元的核心利润目标，2019到2021年可保持年均30%的核心利润高质量增长，盈利能力持续领先同行。此外，汇丰预测集团将维持优厚的股息，财务稳健，继续为股东带来长期稳定回报，并有可能上调2019全年销售目标。
汇丰此前研报指出，集团的城市更新项目货值高达2500亿元，主要分布在粤港澳大湾区内的深圳，惠州，珠海和东莞等地，土储成本低，平均核心利润率高达15%到20%，未来将成为集团新的业绩增长引擎。
汇丰认为，集团的城市更新业务执行力强劲。2016年开始发展此类业务，2018年就成功孵化了珠海和佛山的两个旧厂项目，转化土储货值约180亿元。2019年集团再上台阶，可顺利孵化深圳侨城东，深圳蛇口自贸区和惠州大亚湾工业区三个项目，对应货值为700亿元，并贡献可观盈利。汇丰指，预计集团未来每年都可新孵化300亿到400亿元的城市更新项目。这类业务资金投入小而价值大，将成为集团主要土储获取方式，有助于维持集团长期盈利能力。
汇丰认为，集团前瞻性布局并持续深耕粤港澳大湾区超过20年，精确把握买地周期，以多渠道方式建立了充裕优质的低成本土地储备，在大湾区内有丰富的商圈资源和渠道，与同业相比确立了显著的先发优势。此外，集团的现金充裕，融资管道畅通，财务稳健，未来于粤港澳大湾区内的领先优势及市场份额将进一步提升。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
