摩通:升世房(0813.HK)目标价至30.5港元 评级“增持”
摩根大通发表报告,形容世茂房地产(00813.HK)是「沧海遗珠」,当市场流动性及汇率关注解决后,相信该公司会明显跑出。虽然世房负债水平相对较高,但相信公司强劲销售带动长线及较快的增长,同时更多的土地储备带来更高的确定性支持。

该行预期世房2016至2019年销售额年复合增长率达50%,2020年增长25%,而2018至2021年盈利年复合增长率为25%。估计2021年其核心净利将达165亿元人民币,即相当於市盈率仅3.8倍。因此该行维持世房“增持”评级,且是中型股之首选,目标价由29.5港元上调至30.5港元。
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