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《大行报告》野村首予奥园(03883.HK)「买入」评级目标价14.4元
阿思达克 07-30 15:34

野村发表研究报告,首予奥园(03883.HK)「买入」评级,目标价14.4元。该行认为公司由以广州为基地的地方开发商发展成全国性企业,业务遍及内地70个城市,予「买入」评级以反映公司销售表现及每股盈利增长跑赢大市。奥园现价较资产净值折让64%、33.8倍P/E及股息回报达11.8%,与其他中小型同业比较估值吸引,是华润置地(01109.HK)、世茂房地产(00813.HK)及旭辉控股集团(00884.HK)之外的内房首选之一。

大和估计奥园在2021财年可晋身全国二十大内房(2018年销售规模排名32),主要因为其资产转换能力较高;加上公司具很强的并购能力,土地储备充足,另外於大湾区具策略部署,计及城市更新项目,大湾区土地占其土储达49%;此外该行亦认为公司自2015年重组後执行力有显着改善。

该行指出,部分投资者或关注公司合同销售的真确性,但该行认为相关数据受现金流所支持;投资者亦关注公司在低端城市的部署,但该行并不太忧虑,因为公司有选择较好的城市;此外,投资者担心公司销售高速增长能否维持,该行则认为奥园增长除了由市场复苏带动外,亦有受内部转型所推动。

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