野村:世房(0813.HK)前景乐观估值过低 目标31.8港元吁买入
野村证券发表研究报告指出,世茂房地产(0813.HK)中期核心纯利上升21%至53亿人民币,符合市场预期,认为该行股价跑输大市并不合理,估计公司2019-21年度的每股盈利複合年均增长约25%,现价约5.4倍的市盈率显得吸引,而且下半年销售可望跑赢同业以及2021年前有望分拆酒店及物业管理业务等可成股价催化剂,维持目标价31.8港元及“买入”评级不变,视之为行内首选股之一。

野村指出,世房管理层对下半年销售表现乐观,估计第三季合约销售可按年增长44%。虽然公司可售资源半年增加18%至9150亿人民币,但公司仍能维持稳健的资产负债表,淨负债率仅约60%。
报告又说,儘管世房上半年盈利增速落后于全年增长30%的市场预期,但野村相信券商下调预测的空间不大,世房管理层亦有信心2020-21年度将可实现盈利增长20-25%。
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