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港股異動丨富力地產大漲超8% 受益於H股全流通 瑞銀唱多
格隆匯 11-25 14:31
格隆匯11月25日丨富力地產(2777.HK)大漲超8%,報13.86港元,總市值446.6億港元。11月15日,中國證監會宣佈全面推開H股“全流通”改革。瑞信隨後發研報稱,富力地產執行上較同行差,部分原因是來自其H股結構,由於幾乎所有股份都是非流通的內資股,因此兩位創辦人過去集中在公司的派息上努力。而全流通將可釋放內資股價值,驅使管理層改善執行能力,從而推動估值重評。瑞銀亦發表報告表示,估計富力地產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。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。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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