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野村维持新城发展(1030.HK)“买入”评级目标价7.5港元
格隆汇 08-26 17:02

野村发表研究报告指出,新城发展(1030.HK)今年上半年的核心纯利按年下跌20%至12.96亿人民币,比市场预估升20-25%差,主要因为交付(收入按年升9%)低于预期,以及较高的少数股东权益。野村维持新城发展7.5港元的目标价和“买入”投资评级不变。该行比较看好华润置地(1109.HK)、中国海外发展(0688.HK)、世茂房地产、旭辉和奥园,全部评级均为“买入”。

野村指出,虽然新城发展的业绩远逊预期,但由于下半年将有大量项目完工以及投资者本来期望不大,故相信绩后股价不至大幅下跌,反而投资者应该留意公司财政稳定,租金收入具弹性,手头现金充裕,足以应付到期债务。报告提到新城发展净负债率上升,略为令人担心,但估计下半年情况将明显改善。

野村有信心新城发展今年2700亿人民币的销售目标可以实现。该行指,新城发展现价相对2019年预测市盈率为4.3倍,比中小型同业平均的5.2倍为低。

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