汇丰研究降富力(2777.HK)目标价至17.7港元评级“买入”
汇丰研究发表的报告指,富力地产(02777.HK)上半年业绩符预期,核心盈利按年微跌2%,主要因为去年同期基数较高,该行对於公司毛利率企稳在37%感惊喜,惟在避险经营环境下,其净负债比率按年提升30个百分点至225%则令人失望。正面来看公司直至2021年没有离岸债到期,有助减少在信贷收紧环境下短期的再融资风险,而公司宣派中期息每股42分人民币,按年增长5%,派息比率亦按年扩大3个百分点至34%。

报告称,在分析员会议上,管理层对下半年表现有信心,强调将继续审慎并选择性收购土地,而下半年交付楼面较多,对全年盈利展望看法仍正面,另外公司相信到今年底净负债比率应可减至去年底的水平。
汇丰指出富力现时土储足够未来四至五年发展,而旧城改造项目属锦上添花。富力提及旧城改造计划短期则可释放1,000万平方米或总值2,000亿元人民币的可售资源,尽管具体时间难以掌握。富力目前在全国参与逾60个城市更新项目,该行相信公司未来仍可有新项目加入其土储组合中,反映新的增长来源。
汇丰重申对公司“买入”评级,认为现时估值提供买入机会,目标价由18.7港元降至17.7港元,反映仍有35%的潜在上行空间。
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