花旗上调宝龙地产(1238.HK)目标价至6港元评级“买入”
花旗报告指基于宝龙地产(1238.HK)
同时专注于发展物业及投资物业的业务模式,预期公司将续获得重估,因为预期至2021年,公司销售及盈利复合年增长率将达30%以上(2019年新销售目标升34%至550亿元人民币);拥有3000亿人民币优质土储(2400万平方米),主要集中于杭州湾区,以及于铁路主导发展物业项目有突破。
此外,该行指宝龙地产毛利率高(约35%-37%)及土地成本低(每平方米2700元人民币,相当于平均售价的16.5%);租金收入增长能见度高(2019年达28亿元人民币,复合年增长率25%),2019-2021分别年有6个、10个及9个新商场落成,加上与腾讯(0700.HK)
有新零售合作,料可带来多重增长。
花旗又指公司建议分拆旗下商业物业管理业务是另一个短期催化剂,并指该股目前估值吸引,目标价由4.65港元升至6港元,评级“
买入
”。
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