《大行報告》野村首予奧園(03883.HK)「買入」評級目標價14.4元
野村發表研究報告,首予奧園(03883.HK)「買入」評級,目標價14.4元。該行認為公司由以廣州為基地的地方開發商發展成全國性企業,業務遍及內地70個城市,予「買入」評級以反映公司銷售表現及每股盈利增長跑贏大市。奧園現價較資產淨值折讓64%、33.8倍P/E及股息回報達11.8%,與其他中小型同業比較估值吸引,是華潤置地(01109.HK)、世茂房地產(00813.HK)及旭輝控股集團(00884.HK)之外的內房首選之一。
大和估計奧園在2021財年可晉身全國二十大內房(2018年銷售規模排名32),主要因為其資產轉換能力較高;加上公司具很強的併購能力,土地儲備充足,另外於大灣區具策略部署,計及城市更新項目,大灣區土地佔其土儲達49%;此外該行亦認為公司自2015年重組後執行力有顯著改善。
該行指出,部分投資者或關注公司合同銷售的真確性,但該行認為相關數據受現金流所支持;投資者亦關注公司在低端城市的部署,但該行並不太憂慮,因為公司有選擇較好的城市;此外,投資者擔心公司銷售高速增長能否維持,該行則認為奧園增長除了由市場復甦帶動外,亦有受內部轉型所推動。
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