野村:維持旭輝(0884.HK)“買入”評級 目標價7.15港元 列為首選內房股
野村發表研究報告指,旭輝控股(0884.HK)在中國一、二線城市擁有優質的土地儲備,其合同銷售額增長強勁,加上其資產負債表亦穩健,惟旭輝今年預測市盈率僅5.1倍,認為公司估值折讓並不合理,續列旭輝為該行首選內房股之一,維持“買入”投資評級及目標價7.15港元。
野村引述旭輝主席林中在稱,內地部分城市地價自第二季高峯已下跌15至20%,29個主要城市在9月份樓市成交量亦按年跌2%,反映需求放緩,因此預期樓市調控政策在明年首季前將會有所寬鬆,而今年12月融資環境亦料會轉趨積極。
野村又指,旭輝有信心今年合同銷售額達2000億元(人民幣,下同),按年增長31%,亦高於公司全年銷售目標1900元,其中今年第四季合同銷售額料按年增40%。展望明年,儘管林中在預期整體市場銷售平穩,但該行相信,旭輝明年銷售仍有望按年增長30%至2600億元,主因其可售資源供應達4000億元。
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