摩通:升融創(1918.HK)目標價至55港元 評級“增持”
摩根大通表示,監於融創(1918.HK)
往績和近期強勁的股價表現,對其配股完全不感到意外,考慮到大型發展商在岸融資環境持續改善和趨向穩定的政策環境,繼續看好由高增長階段轉至防守性階段的融創,維持“
增持
”評級。
摩通在研究報告中指出,融創於9日宣佈折讓8.25%配售約1.86億股,籌集約80億港元,料有助公司將今年底淨負債水平降至約110%,併到2021年底將降低至100%以下。
該行預期,融創2019年核心淨利潤達264億元人民幣,計及未確認銷售額約6,500億元人民幣,料至2021年的複合年增長率達16%,基於風險溢價下降,將2020年預期市盈率上調至7倍,目標價由49港元上調至55港元。
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