You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
花旗升奥园(3883.HK)目标价至13.86港元评级“买入”
格隆汇 08-20 16:38

花旗发表研究报告,指中国奥园(03883.HK)上半年业绩印证其增长轨迹(届2021年底止每股盈利及销售年均复合增长料分别48%及30%),增长能见度提升,见诸未入账销售达1,390亿元人民币(下同)。报告称,并购上的优势,致使土地成本低企,仍维持在每平方米约2,300元,相当於销售均价的22%,有助确保毛利率展望稳定,料长线介乎26%至30%。另清晰的旧城改造渠道,亦有助公司扩充土储及利润扩张。此外,投资其他业务亦限制於销售的3%占比内,主要属另类买地渠道。管理层强调目前无意配股。

该行指,奥园依仗下半年达1,300亿元的可售资源,正迈向超越今年1,140亿元的销售目标,相当於按年增长25%;花旗料其今年销售有望超过1,200亿元,相当于按年升31%。未入账销售毛利率料介乎28%至29%。另奥园具充裕旧城改造项目,并具规模及地利,毛利率料高达35%至40%,主要位於大湾区,特别是珠海。

花旗称,奥园将于9月上旬起获纳入恒生综合大中型股指数,料进一步提升投资者兴趣,加上估值吸引,相当於明年预测市盈率3.7倍,股息率料7.3厘,维持“买入”评级,目标价由12.8港元升至13.86港元。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account