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中金:上調時代中國(1233.HK)目標價至19.2港元 評級“跑贏大市”
格隆匯 12-02 16:52

中金公司發表報告表示,時代中國(1233.HK)增長前景穩健,加上估值吸引為股價提供買入良機,故將其目標價上調14%至19.2港元,並維持“贏大市評級。

報告指,集團即將分拆的物業管理時代鄰里,很大程度上已反映於時代中國現時的估值上。該行預期,時代鄰里的公允價值可達18至28億港元,相當於時代中國的19.4億股流通股份每股價值0.9至1.4港元。按目前股價,時代中國的資產淨值被低估52%,估值吸引,為股價提供買入良機。

另外,時代中國目前擁有1900億(人民幣,下同)的土地儲備,而潛在的城市更新項目超過2000億,這些土儲及項目九成以上位於大灣區。該行估計,2019年將有約200至250萬總建築面積從城市更新項目轉換為土地儲備,與公司在2019-2021年度的1080萬總建築面積轉換計劃相符。

該行又估計,公司2019年銷售額可達750億元,按年增長24%,並在2020年增長約30%,達到1000億元;2019年核心淨利潤為52億,按年增長25%,2020年為67億元,按年增長27%。

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