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花旗升融创(1918.HK)目标价至60.1港元评级“买入”
格隆汇 08-23 11:22

花旗发表的报告指,重申对融创中国(01918.HK)“买入”评级,认为公司正将策略优势转化为强劲的盈利增长,或可带动市场上调其盈利预测。花旗认为上半年业绩已证明公司聚焦於释放盈利、稳定的销售增长、现金流,投资纪律和去杠杆。在土地储备方面,今年首五月较活跃,之後亦有所放慢,主要因为下半年存在宏观不确定性,而公司亦有充足的土储。该行认为公司有清晰的长期多元化计划,规模亦在可控程度,加上公司未入帐销售达6,508亿元人民币,毛利率稳定在25%水平,盈利具可见性,认为其估值吸引,目标价由60港元升至60.1港元。

公司指出下半年可售资源有5,722亿元人民币,去化率59%已能完成全年5,500亿元人民币销售目标,加上拥有行内头三的土地储备,配合公司在产品上的改进等,相信可助应对市场不确定性。虽然融创净负债水平较高,但留意到公司在持续去杠杆上的承诺,认为其流动性受到保障。而公司核心仍聚焦於地产,未来将继续改善文旅及服务业务的盈利能力和营运,冀长远可转化为增长引擎。

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