中金:維持旭輝控股(0884.HK)“跑贏行業”評級 上調目標價至7.62港元
中金公司發佈報告稱,預計旭輝控股集團(0884.HK)2019和2020年核心淨利潤70億元(人民幣,下同)(同比升26.5%)和91億元(同比升30%),2021年增速可能保持在25%左右。該行表示,維持其“跑贏行業”評級,上調目標價9%至7.62港元。
該行表示,預計公司將繼續拿出每年銷售回款的10%左右用於投資性物業孵化,並預計其2019-2020年盈利複合增速60%。另外,公司前11月拿地成本佔銷售額34%,資產負債表穩健。
該行稱,認為2019年銷售可能達到1950億元(同比升28%,前11月完成度91%), 2020年銷售同比增長20-25%,且利潤率和權益比率將明顯改善,預計2019年初至今新項目銷售毛利率為25%-27%,總體權益比率提升至75%。

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