高盛:大幅上調中海外宏洋(0081.HK)目標價至7.4港元 評級“買入”
高盛發表研究報告指,中海外宏洋(00081.HK)晉身該行小型內房首選,指其作為中國海外(00688.HK)旗下品牌,規模較小但具亮麗增長空間,在良好執行下市值有望顯着擴大。隨着大型內房增長空間越來越有限,該行料具質素的國企內房有望突圍,成為三線城市的潛在市場整合者。
報告料中海外宏洋在未來兩年預售增長將跑贏市場,按年分別增25%及15%,高於同業的17%及9%;在2019至2021年各年盈利有望勝市場預期;盈利有望保持高增長,至2022年純利年均複合增長料達17%,高於同業的11%。
高盛以其2020年每股資產淨值(NAV)為估值基礎,折讓由35%大幅上調至0%,以反映其增長潛力高於同業;報告上調其2019至2021年各年每股盈測分別3%、2%及14%,大幅上調中海外宏洋目標價64%至7.4港元,由於估值吸引,現價相當於今年預測市盈率4.2倍,投資評級由“中性”升至“買入”,並列入“確信買入”名單。

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