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花旗:升世房(0813.HK)目標價至33.8港元 維持“買入”評級
格隆匯 11-12 11:14
花旗發表報告,上調世茂房地產(0813.HK) 目標價,由28.28港元上調至33.8港元,維持“ 買入 ”評級。該行指,主要透過併購達成的及時土地收購,將使公司今年第四季及以後有充足的可銷售資源,應能推動更快的合約銷售增長。公司今年首十個月達成1970億元人民幣合約銷售,按年升45%,估算11月及12月分別達成250億及逾300億元人民幣銷售,意味全年銷售按年升逾四成。
該行預估公司明年可銷售資源為5000億元人民幣,2021年將繼續維持快速銷售增長,增速遠高於全國二十大發展商平均水平。報告指,管理層相信公司今明兩年毛利率可維持逾三成水平,並在2021年進一步改善,受惠已收購的更高毛利項目,包括香港住宅項目。該行預期公司今年毛利率為30.5%,明年將會相若,2021年再改善1個百分點。

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