花旗:上調旭輝(0884.HK)目標價至6.8港元 評級“買入” 列為內房首選股
花旗發表研究報告指,近期與旭輝控股集團(0884.HK)
主席林中會面後,該行進一步確認對旭輝正面看法,其長期增長軌道更趨清晰。在晉身內地首十五大內房後,公司在盈利能力及槓桿取得平衡,管理層對爭取盈利增長30%仍充滿信心。
報告稱,公司透過投資10%銷售收益,用於提升租金收入,冀未來租務及其他經常性收入(如物業管理)可貢獻分別30%及20%的收入。此外,旭輝向地區辦公室放權,改善內部管理層級,以支持5000億元人民幣的規模。報告稱,旭輝亦透過買地、舊城改造及合作發展,充實土儲,目標30%至40%的土地來自非競拍方式取得。旭輝同時透過擴大項目歸屬權益佔比,加強滲透一、二線城市。
花旗稱,旭輝亦致力產品升級以推廣品牌。
考慮其對環境、社會及企業管理的重視,花旗料旭輝將續跑贏大市,估值吸引,僅相當於明年預測市盈率4.1倍,股息率9.3%,將旭輝列為最新內房首選股,目標價由6.38港元升至6.8港元,評級“
買入
”。
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