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野村将中国海外发展(0688.HK)纳入首选股名单目标价36.2港元
格隆汇 08-23 16:10

野村发表研究报告指出,中国海外发展(0688.HK)的风险回报愈来愈吸引,尤其赞赏其资产负债表,而高于同业的销售现金,在融资收紧下更见可贵。同时,稳健的销售及利润率也支持公司派息良好,因此将其纳入首选股名单内,目标价为36.2港元,评级维持“买入”。

野村的首选内房股还包括华润置地(1109.HK)、世茂地产(0813.HK)、旭辉(0884.HK)和中国奥园(3883.HK)。野村又提到中国海外发展的市盈率仅为6倍,比该行研究范围内其他大型房企平均6.5倍的估值吸引。

野村指,根据管理层指引,中国海外发展今年盈利不大可能低于市场预测,相信全年收入可升25-30%,竣工面积料升17%,而平均售价增加10%。野村估计,该公司2020-2021年度将可维持约20%的盈利增长,主要由收入增加30%带动,但核心净利润率会温和下降至18-19%。

野林又预测,中国海外发展今年合约销售按年可升30%,冠于同业,下半年合约销售料升33%。公司上半年派息率由去年的23%增至今年的26%,管理层计划将派息率逐步提高至30%。

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