交銀國際:料雅居樂(3383.HK)今年銷售額按年增逾一成 上調目標價及評級
交銀國際發研報指,雅居樂(3383.HK)去年預售總額達1180億元(人民幣.下同),較全年銷售目標高出4%,而去年新增土儲約1000萬平方米,預計其將有充足的土地儲備在2020年保持10%以上的銷售增長,預計銷售額達到約1300億元。該行認為,雖然肺炎疫情短期影響銷售和業務,但近期股價下跌是買入良機,故將公司評級由“中性”上調至“買入”,目標價亦由11港元升至15.5港元。
報告指,去年限購政策放鬆,有助重振雅居樂的銷售,預期從2020年開始,海南項目將每年確認超過80億元的收入,這將支持利潤率和核心利潤增長。另外,隨着近期完成大規模的併購,預計子公司雅生活的收入在2019/20年分別達到51億及92億元,按年增長140%及80%。上調雅居樂2019-21年每股核心盈利預測,並將資產淨值預測上調至每股25.8港元。

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