野村:予融創(1918.HK)“買入”評級 目標價50港元
野村發表研究報告指,融創中國(1918.HK)斥資153億元人民幣向雲南城投(600239.SH)收購旗下環球世紀及時代環球各51%股權,以取得18個項目的權益,預期融創股價將有正面反應,料可提升今年資產淨值4至8%,續予融創“買入”評級,維持目標價50港元。
野村預期,融創今年底淨負債比率將降至130至140%,相信收購事項將有助加強融創於內地中西部主要城市的銷售表現,預計明年可貢獻銷售400億元人民幣,並帶動公司明年合同銷售額按年升20%,其增速料會遠勝於首三名內房表現。
該行又預計,18個項目可售貨值達2300億元人民幣,而部分潛在土地亦料於未來3至5年轉換成土儲,由於相關土儲每平方米平均成本僅為1800元人民幣,料會為融創帶來可觀的盈利回報。

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