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《大行報告》花旗升中國金茂(00817.HK)目標價至6.88元 評級「買入」
阿思達克 08-29 10:20

花旗發表的報告指,中國金茂(00817.HK)在城市運營項目上有獨特優勢,上半年相關項目貢獻新增土儲的45%,相信於2020年或以後對銷售及盈利貢獻將顯著提升。公司上半年新增5個城市運營項目,令項目總數增至15個,潛在可售貨值達1萬億元人民幣,相信有助支撐公司的可持續增長,另外城市運營項目毛利率大約在35%以上,故相信亦能維持利潤表現。

另外該行指出公司混改已於7月完成,相估有助金茂釋放增長潛力,現時公司未入帳銷售達1,740億元人民幣,估計是今年預測物業銷售收入的3倍,該行估計公司2019及2020年盈利將分別有30%及35%的增長,相信隨著其盈利彈性增加,租金收入料到2020年將增至40億元人民幣,加上估值吸引,估計將引來進一步重估,重申「買入」評級,目標價由6.68元升至6.88元。

該行引述管理層指出,受限價政策影響上半年銷售的毛利率大約為25%,但該行相信對盈利影響仍然可控,一來公司土地成本佔比已降至21%,而毛利率較高的城市運營項目貢獻提升,料影響將在2020年開始顯現,另外公司未入帳銷售金額龐大亦料可帶動收入增長、抵銷利潤下降的影響。

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