You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
汇丰研究升龙湖(0960.HK)目标价至30港元评级“持有”
格隆汇 08-27 14:17

汇丰研究发表的报告指,龙湖集团(00960.HK)上半年业绩表现强劲,核心盈利按年增长26%,毛利率企稳在32.6%,而该行对其全年毛利率预测则为30%,期内净负债比率维持在53%,惟该行留意到公司派息比率微跌至45%,主要因为去年公司为庆祝成立25周年派发了特别息,上半年公司每股派息按年增长20%,增速低於核心盈利增长。汇丰研究认为上半年业绩反映公司具执行能力,对其管理团队及执行能力评价相当高,而市场亦了解相关优势,故公司的估值亦见溢价,维持对龙湖“持有”评级,目标价由27.6港元升至30港元。

虽然贸易升温、人民币贬值风险提升,但该行相信公司较同业有更好定位,一来其净负债比率53%是行内最低,二来公司境外债占比仅20%左右,去年行业平均大约是在36%的水平,加上具较强的信贷评级,令龙湖融资成本具竞争力,认为其4.56%的融资成本水平贴近国企,亦是民企中最低。

今年首七月公司已完成全年销售目标的57%,同时公司在土储上亦采取选择性部署,上半年新增土地储存总建筑面积约为920万平方米,涉资720亿元人民币,相信公司在土地储存上的努力对其长期增长展望有利。若全年销售增长较原先指引高出10%,该行估计公司下半年销售表现可成股价的增长引擎。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account