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瑞銀:上調富力地產(2777.HK)目標價至22港元 評級“買入”
格隆匯 11-25 11:57

瑞銀髮表報告表示,估計富力地產(02777.HK)在廣州市區重建項目之可銷售額(不包括土地儲蓄)達7,500億元人民幣,與公司公佈之土儲金額7,800億元人民幣相近。該行相信,上述項目於今年12月至明年7月進行預售。

該行指,以富力地產現價相當於2020年預測市盈率3.1倍計,相信市場尚未反映上述因素,反而是市場對富力增加次級城市的比例及高槓杆感憂慮。

瑞銀估計,市區重建項目將佔富力2020年及2021年合同銷售額分別為5%及10%,同時上調其2020至2021年盈利預測12%及24%,以反映該公司對明年的最新指引及市區重建項目的毛利率較高,其目標價相應由18.2港元升至22港元,重申“買入”評級。

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