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《大行報告》麥格理下調雅居樂(003383.HK)目標價至21.78元維持「跑贏大市」評級
阿思達克 08-16 15:17

麥格理發表報告指,雅居樂集團(03383.HK)將於8月21日公布中期業績,相信其獨特的土地儲備長遠可令公司受惠,而其環保工作及分拆非地產發展業務發展亦見成功。該行指出公司正推動業務多元化,料非地產開發收入貢獻2019財年將擴大至12%,而去年全年佔比僅為6.5%,管理層估計五年內非地產開發收入貢獻可升至50%,目標是當相關業務成熟時便將其分拆。

該行認為雅居樂環保業務具增長潛力及可觀利潤,相信受惠其穩健廢物處理規劃中產能帶動,收入增長料強勁,料屆2021年可增長達16倍。而雅居樂亦積極透過併購擴張業務。

麥格理認為雅居樂與同業有所不同,聚焦較獨特的市場及產品,公司在旅遊物業上屬先行者,自十年前首度買地,現時旅遊物業於土儲中的比例已達28%,相信中期將繼續扮演重要角色。另外公司土儲中有27%位於大灣區,相信亦能受惠。

該行估計上半年雅居樂表現將在正軌上,而來自非地產開發業務的收入佔比料將達10%至15%,不過由於利潤較高的海南項目不在期內入帳,故毛利率料趨正常化,料在30%或以上的水平。

麥格理認為,雅居樂現股價尚未完全反映非地產開發業務貢獻,相當於每股資產淨值(NAV)折讓達69%。雅居樂現價相當於今明兩年預測市盈率分別4.2倍及3.6倍,估值不高。今明兩年預測股息率分別達10.8%及12.6%屬吸引。

該行將其2019至2021年各年核心盈測分別升3.5%、0.7%及0.1%,目標價降1.2%至21.78元,相當於每股NAV折讓29%,維持「跑贏大市」評級。

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