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花旗下调越秀地产(0123.HK)目标价至2.23港元评级“买入”
格隆汇 08-14 11:29

花旗发表研究报告指,越秀地产(00123.HK)致力通过持续优化独特的土地储备优势,提高对资产转移和开发的关注,以提高盈利能力。公司于广州估计拥有3,500亿元人民币地铁项目、城市再开发及潜在的进一步国企合作,均能够丰富越秀地产的土地储备。

该行预料,越秀地产2018年至2021年预测销售年复合增长逾25%,而2019年度销售可超标(估计750亿元人民币,按年增30%);2020年度目标销售更可达80亿元人民币至100亿元人民币。另外,高达775亿元人民币未入帐销售(毛利率约30%),可令2018年至2021年预测盈利年复合增长达17%,同时亦提高股本回报率(预期为9至10%)。

报告指,该公司下一个催化剂,将会是今年第四季注入的两个项目。该股估值不高,故维持评级“买入”,惟目标价由2.3港元降至2.23港元。

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