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信和置業(0083.HK):2019財年業績符合預期,維持“收集“評級,目標價13.80港元
格隆匯 10-10 09:30

機構:國泰君安

評級:收集

目標價:13.80港元

2019財年核心淨利同比下跌58.5%至46.71億港元,符合預期。期內,物業銷售收入同比下跌53.6%至25.42億港元,而其經營利潤率同比上升8.6個百分點至32.6%。物業租賃收入同比增長4.4%至33.27億港元,但經營利潤率同比下降0.6個百分點至85.7%。如果我們排除2018財年出售成都御龍山的一次性收益,核心淨利的跌幅將縮小至16.5%。截至2019年6月30日,信和置業的淨現金進一步上升至340.47億港元。

信和置業於2019年7月收購T102-026前海用地的30%股權,用於投資物業開發,並預計於2023年落成。公司預計將於2020財年推出3個項目,合共提供302套豪華住宅。信和置業僅提升末期每股股息1港仙,我們認為市場對此感到失望。我們認為信和置業很可能在2020財年保持每股股息持平。

我們維持目標價13.80港元及“收集”投資評級。信和置業非常強勁的淨現金使公司能夠抓住當前經濟逆風期間的土地收購機會。我們認為信和置業是市場上的防守性高的選擇。我們的目標價相當於較25.0港元的2020財年每股估值有45%的折讓。我們的目標價相當於23.6倍/8.4倍/10.9倍2020/2021/2022財年核心市盈率和0.63倍/0.59倍/0.56倍2020/2021/2022財年的市淨率。

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