大和:升世房(0813.HK)目标价至27.5港元 重申“买入”评级
大和发表报告表示,世茂房地产(0813.HK)
上半年合同销售按年增长39%至1003亿元人民币(下同),若下半年的去化率如上半年一样达到50%,加上可售资源3000亿元,料全年合同销售有望达到2500亿元,较其目标2100亿元目标为高。公司管理层预期8月份的销售超过200亿元,首八个月将录得逾1400亿元。
该行指,世房于上半年以788亿元购入1400万平方米土地储备,有80%是在一、二线城市及强三线城市,当中有64%是透过并购买入。管理层预见下半年会有更多买地机会,但会以审慎原则去做。
大和表示,将世房2019至2021年的收入预测下调1至3%,每股盈利
预测则下调3至6%。该行同时将世房于2019至2020年的合同销售预测上调3至5%,目标价由原来的26.6港元上调至27.5港元,重申其“
买入
”投资评级。
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