野村维持龙湖集团(0960.HK)目标价34.7港元评级“买入”
野村发表研究报告指出,龙湖集团(0960.HK)今年上半年的核心纯利按年增加26%,比市场预估升约20%为佳。野村认为,龙湖经常性收入具弹性,且如期推进2020年度150亿人民币的经常性收入目标。野村维持其34.7港元目标价及“买入”评级不变。
野村报告指出,龙湖的物业销售排名继续保持在十大之列,管理层对合约销售前景比过去更为乐观,在可售资源达7300亿人民币支持下,估计未来几年,其合约销售年增速每年可达20-30%。今年上半年,龙湖合约销售按年增加9%至1060亿人民币,占全年目标2200亿人民币之48%。集团管理层维持未来几年核心纯利增长20%或以上的预测不变。
野村报告提到龙湖上半年斥资710亿人民币买地,占其合约销售约68%,逾半在5-6月间楼市开始下行时买入。由于集团手头现金多达580亿人民币,而短期到期债务只有140亿人民币、净负债率仅53%,资金成本4.6%处业内低位,因此野村预期,龙湖将可在地价进一步下跌时受惠。
龙湖今年上半年收入按年升42%,毛利率下跌4.5个百分点至32.6%,核心净利润率跌1.6个百分点至12.2%。中期派息率率为45%,略低于去年同期的48%。
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