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富瑞:予合景泰富(1813.HK)“買入”評級 目標價13.17港元
格隆匯 12-04 14:59

富瑞發表研究報告指,合景泰富(1813.HK)管理層對公司今年及明年的整體營運持正面看法,進一步增強該行對公司在12個月內有出色表現的信心。該行再次確認公司為中型股份中的首選,目標價為13.17港元,評級為“買入”。

富瑞表示,管理層對實現850億元(人民幣,下同)的全年銷售目標充滿信心,並預計由於可售資源超過4000億元,明年增長將超過30%至1100億元。這與該行對今、明兩年合約銷售分別為857億元及1130億元的預測相符。

該行指,預料未來兩年的租金及經常性收入仍將保持強勁增長,並超出該行料2018年至2021年租金及經常性收入複合增長率30%的預測。公司預期,在強勁的按時交付項目的支持下,今年的毛利率約35%,核心收益增長約30%,略高於該行28%的盈利預測。該行又認為2020年的盈利有潛在上升空間。

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