中金:維持金地集團(600383.SH)“跑贏行業”評級 目標價16.83元
中金報告稱,當前金地集團(600383.SH)未售土儲近4000萬平,預計公司明年將延續積極拿地態勢,拿地權益比例將繼續回升。測算公司未售土儲毛利率約30%-35%,處於行業高水平。
財務端穩健,融資成本維持低位。公司三季度末淨負債率較中報下行10個百分點至68%,在行業中處於較低水平;在手現金覆蓋一年內到期有息負債1.8倍,現金安全性高。我們預計公司明年在拿地端延續強增長的情況下仍能將淨負債率管控在80%以下。公司今年以3.2%的成本發行一筆30億元的超短融,以5.6%和6.0%的成本發行兩筆美元債融資5.5億美元。公司當前平均融資成本4.8%-4.9%,維持行業低水平。全年延續高分紅、高股息收益率。
考慮到公司銷售穩健增長、拿地積極且權益佔比改善,該行上調2019/2020年盈利預測1%和3%至2.17/2.59元/股,上調目標價4%至16.83元,維持跑贏行業評級。公司當前股價交易於6.4/5.4倍2019/2020年市盈率,低於A股房企平均水平(7.7/6.4倍),新目標價對應7.8/6.5倍2019/2020年目標市盈率和21%的上行空間。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.