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高盛:升世房(0813.HK)目標價至34.6港元 銷售前景強勁
格隆匯 11-12 11:26
高盛發表研究報告,將世茂房地產(0813.HK) 2020及2021年的每股盈利預測分別調高11%及14%,目標價上調12%至34.6港元,以反映2020至2021年的合同銷售前景強勁,以及2021年的毛利率前景良好。該行指,世房一直維持強勁的土地儲備,今年來新增的土儲達900億元人民幣,平均土地成本為每平方米5500元人民幣。
管理層表示有信心在2020年再次超越首二十大發展商的平均銷售增速,並已準備好將其“ 快速增長 ”期延至2022年,有別於早前定下的2020年。高盛早前曾預期公司有望在2020年打入內地首十大地產發展商,而管理層樂觀的指引進一步提升了該行的信心。
由於香港、深圳、北京、杭州及廣州等項目的毛利高,加上來自酒店及商場的租賃收入佔比料將會在2021年提升,有助帶動整體毛利率由2020的下跌趨勢再次重回30%水平,因此該行上調對公司2021年的毛利率預測。

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