美银美林料长实集团(1113.HK)中期核心盈利90港亿元按年升69%
美银美林发表报告表示,重申对长实集团(01113.HK)“买入”评级,目标价81港元,认为今年度的核心盈利会因其大量项目入账而录23%增长,相信亦会带动利息增长,而公司旗下三个主要项目亦会于未来12个月销售带动盈利可见性。另外,公司在香港以外的非物业投资亦可有助对冲香港的政治风险,公司目前估值折让亦较其他大型发展商大。

该行指,长实集团今年上半年合约销售为35亿元,而两个项目波老道及爱海颂会於下半年开售;内地业务上半年合约销售为86亿元人民币,但上海项目有助推动数字。
美银美林预期,长实集团於上半年公司的核心盈利为90.32亿元,或每股2.44元,反映中港两地的物业发展利润都十分良好,租金收入方面大致持平,预期中期息为0.51元(按年升9%),该行同时升长实集团於2020至2021年每股盈利预期4-8%,以反映内地销售表现。至于非物业投资收入方面,预期占今年盈利15%。
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