野村维持旭辉控股(0884.HK)“买入”评级视为首选股
野村上周为旭辉控股(0884.HK)举行了非交易路演,旭辉管理层对今年下半年的业务前景乐观,预期合约销售将在下半年复升,并有信心可完成其销售目标,认为市场对其利润率过虑。野村维持旭辉目标价7.15港元及“买入”评级不变,仍视之为首选股。
报告指,旭辉管理层相信集团今年下半年可达成2019财年销售目标之60%,即约1140亿元人民币,即下半年合约销售按年增长约34%,与上半年相近,全年合同销售增长33%,超出原先22%的目标增长率。
旭辉管理层维持集团2019-2020年度毛利率介乎25-30%的预测,并相信因年初至今土地并购情况良好,2020年度的利润率可望提升。管理层预期,因近日收紧对发展商的信贷融资,下半年并购机会较多。野村认为,旭晖的业务转型将有助集团达至3000亿人民币的销售目标。
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