大和:降合景泰富(1813.HK)目标价至12.8港元 重申“买入”评级
大和发表的报告指,合景泰富集团(1813.HK)
上半年收入升69%至171.1亿元人民币,核心纯利则按年升28%至25.13亿元人民币,两者增长的差异主要由于财务成本、销售、一般及行政开支等显著增长。上半年公司合同销售增长11%至360亿元人民币,而其全年目标为850亿元人民币。因为有更多项目推出,加上去年同期基数较低,该行估计下半年销售将重拾增长,料下半年去化率49%已可达到目标,而上半年公司去化率为60%。
另外公司于启德的项目料有170亿港元可售资源,楼盘亦可于今年第四季推。大和指出公司5030亿港元可售资源中有52%位于大湾区,上半年公司共获取了200万平方米的土储,另外公司亦已签署了12个位于广东的重建计划。
该行相信公司有能力扩大营运规模,并带动营业额及盈利,但考虑到部分项目属合营,另外财务成本等亦较高,故将公司2019-20年收入预测削19-23%,净利预测降15-20%,目标价由15.08港元降至12.8港元,重申“
买入
”评级。
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