野村维持龙光地产(3380.HK)目标价13.9港元评级“中性”
野村发表研究报告指出,龙光地产(3380.HK)中期核心纯利按年升70%至45.1亿人民币,比市场预估升40-50%为佳,主要受惠于出售深圳城市更新项目,相信今年度盈利能见度高,并可实现全年95亿人民币(按年升35%)的市场预测盈利。野村维持其目标价13.9港元,评级仍是“中性”。
野村报告指出,龙光地产现价约为2019年预测市盈率的6倍,比中小型发展商平均的5.1倍高。在内房股中,野村偏好华润置地、中国海外发展、世茂房地产、旭辉和中国奥园。
报告又说,龙光地产披露其城市更新业务的可售货值达3250亿人民币,较去年底的2500亿人民币增加,其中约90%在大湾区,集团目标是未来每年将孵化城市更新项目货值不低于300亿人民币(2019年度:700亿人民币)。为了加快城市更新业务货币化,野村估计,龙光地产可能在初阶时即出售项目部分权益,料每年可带来10-20%的核心盈利。
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