安信国际首予融信中国(3301.HK)买入评级目标价15港元
格隆汇7月25日丨安信国际7月24日发研报称,融信中国(3301.HK)于2003年发迹在福州,并逐步扩展至海西、长三角等经济圈,逐步完善全国性布局。销售额由2014年约167亿元,以复合年增长率约64%升至2018年的1219亿元。融信往年以较高杠杆换取规模增长,为平衡风险在2019年策略性地暂缓规模增长并把重点放在降负债上,公司目标把净杠杆降至90%以下。截至2018年底,估计可售土储货值约3500亿元,集中在长三角、海西地区的一、二线城市,去化周转较高。未结转销售约850亿元,预期2019年结转约500亿元,核心净利率约7%,现价相当于约4.5倍2019年市市盈率,低于行业平均,给予目标价15港元,相当于经调整资产净值加上30%折让率,负债比率将可改善,将为公司带来价值重估的机会,首予“买入”评级。
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