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中金维持中海外(0688.HK)“跑赢行业”评级目标价34.58港元
格隆汇 08-26 10:21

中金发布研究报告称,中国海外发展(00688.HK)公布2019上半年业绩,核心净利润同比增长9.5%至210亿港元,符合市场预期,故分别下调公司2019和2020年盈利预测3%和6%至430亿港元和510亿港元,主要反映汇率调整,并维持跑赢行业评级和目标价34.58港元。

该行指出,公司上半年毛利率34.9%,同比下滑0.9百分点,核心净利润率22.5%,同比扩大0.8百分点。公司财务状况优异。期末净负债率33.8%,平均融资成本进一步下行至4.28%,亦持有惠誉、穆迪以及标普的投资级评级。公司还拥有高质量土储,期末总土储(不含中海宏洋)达6790万方,几乎全部位于一二线城市。

该行表示,预计公司2019年销售同比增长20%以上,在人民币口径下,2019和2020年盈利增速分别为15-20%和20%以上。高质量投资物业亦是增长驱动力,租金收入可能在2023年突破100亿港元,对应复合年增速超过20%。

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