大摩:首予時代中國(1233.HK)“增持”評級 目標價19.69港元
大摩發表研究報告,首予時代中國(01233.HK)“增持”評級,認為其於大灣區有大量低成本的儲備、在舊城改造有優勢,料至2021年的盈利年複合增長率達24%,成為中小型發展商首選之一,目標價19.69港元。
該行指,公司有75%的土儲位於大灣區。至6月底,持有2,300萬平方米的土地資源,分佈在15個城市,估算可售資源達2,850億元人民幣,每平方米平均成本3,541元人民幣,只為其上半年的平均合約售價的23%。
該行又指,公司於舊城改造有豐富的經驗,特別是廣州和佛山,上半年公司有85箇舊城改造項目,合計樓面面積2,800萬平方米。於2019-21年,共有44個項目可能可以改造,合計樓面面積1,250萬平方米。9月份廣東省政府亦公佈對新的舊改項目政策,只要獲得2/3的業權批准,或擁有合計樓面面積2/3,以往比例為80%,相信新政策可以加快發展。

該行相信公司可以維持穩定的銷售和盈利增長,現價相當於2020年預測市盈率3.8倍,股息收益率7.9%,較資產淨值折讓51%,估值吸引。
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