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中金:城市更新成龙光地产盈利新引擎,未来业绩确定性强
格隆汇 08-28 09:30

8月27日,著名投资银行中金公司发表关于龙光地产(03380.HK)的最新研究报告,指出其看好龙光地产城市更新项目优势作为集团业绩持续增长的新引擎,下半年销售预计可持续增长。未来业绩确定性强。中金公司认为,龙光地产估值具有吸引力,将龙光地产评级从「中性」上调至「跑赢大市」,并将目标价上调至13.4港元。

龙光地产2019年上半年合同销售额为453.1亿元,同比增长27.7%。中金预计,集团未来销售将稳步增长。龙光目前在手可售货值4270亿元(70%位于大湾区),足够覆盖2019年预计权益900亿元销售额(同比增长28%),以及2020-2021年销售(假设20%的年均复合增速)。

该行同时看好龙光地产城市更新项目优势,认为发展一级土地开发是公司的第二增长引擎。龙光地产通过收购并购以及城市更新项目带动公司实现行业领先的核心利润,货值可达3250亿元,超过90%位于大湾区。2019上半年龙光地产通过城市更新项目获取了18亿元的核心利润, 中金认为公司可以深化土地一级开发获取额外收益。预计2019年核心净利润可以达到101亿元(同比增长44%)。公司估值具有吸引力。当前交易对应5.5倍和4.5倍2019和2020年市盈率,和38%的NAV折让。

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