中金:維持中國奧園(3883.HK)“跑贏行業”評級 目標價13.84港元
中金髮布報告稱,中國奧園(03883.HK)公佈2019年前9個月銷售額同比增長29%至786億元。 重申公司為首選標的之一。
在前9個月目標銷售額達成情況良好(69%)和四季度推貨積極的情況 下,預計2019年銷售額將小幅超過1140億元的目標(同比增長25%)。認為2020年的銷售額增速將超過20%,主要考慮到公司可售資源充裕,2019年前三季度新收購項目有望帶來1250億元可售貨源。此外,公司繼續發揮項目收購方面的核心優勢(2019年前三季度80%的新增建面來自收購)來保持較低的土地成本(前9 個月新拿地平均樓面地價為售價的30%),該行相信這將保障2020年的銷售質量。
該行表示,維持“跑贏行業”評級和目標價13.84港元。
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