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銀河聯昌:重申遠東發展(0035.HK)“增持”評級 目標價8.02港元
格隆匯 12-03 17:35

銀河-聯昌證券發表研究報告指,遠東發展(0035.HK)截至2019年9月的上半年內核心淨利潤按年增36%至6.79億港元,當中物業開發銷售額增長強勁,按年增151%至37億港元,盈利前景理想,預計2020至2022財政年度物業開發預售額超70%。報告又指,公司估值偏低,重申“增持”評級,最新目標價為8.02港元。

報告亦提及,遠東發展在上半年內確認4個項目,合共帶來37億港元收入和11億港元毛利。遠東發展亦就多個項目展開預售,合共116億港元的預售額將於2020至2023財政年度入帳。同時,遠東發展新增5個新物業開發項目,總開發物業價值達到514億港元,面積約為1030萬平方呎,預計於2021及2022財政年度就物業開發入帳約46億港元和51億港元。報告指,物業開發分部仍是未來數年的主要收入驅動力。

報告又預期,香港酒店業務將會隨社會形勢緩和而恢復,停車場和博彩業務將於下半年保持穩定增長,預測按年增約10%。報告認為,隨着更新物業開發的銷售時間表和下調對香港酒店業務的假設,將2020、2021及2022財年每股收益預測分別降低19%、25%及31%。

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