招銀國際：首次覆蓋新力控股(2103.HK)給予“買入”評級 目標價4.83港元
招銀國際昨日發佈報告，首次覆蓋新力控股(2103.HK)給予“買入”評級，目標價4.83港元。
新力控股(集團)有限公司（「新力」）是中國一家大型綜合房地產開發商，專注於住宅及商業地產開發。公司起源於江西地區，目前正值快速發展時期。
新力控股總部設於上海的新力，於 2010年於江西南昌開展首個項目。歷經近十年的運營，新力已發展為江西省領頭住宅地產開發商，並將業務擴展至全國，其中主要地區包括：長江三角洲地區、大灣區及、華中西部的核心城市等具有高增長潛力的地區。
報告指出，公司目前在南昌及惠州土地儲備雄厚。截至2019年7月31日，所屬該公司的土地儲備總規模約為15.0百萬平方米。新力維持了其於江西房地產市場的穩固的領先優勢。根據戴德樑行報告顯示，新力控股2018年住宅合約銷售總額及銷售總面積，都位列南昌及贛州地區地產開發企業之首。
土儲的區域分佈上，截至2019年7月31日，江西及大灣區土地儲備分別為7.4百萬平方米及3.5百萬平方米，分別佔土地儲備總規模的50%及23%。具體而言，南昌及惠州為新力的兩大市場，分別佔土地儲備的40%及20%。
根據招銀國際預計，新力控股2018-2021年度淨利潤複合年增長率為106%。其中，2016-2018年度的股東應占淨利潤分別為人民幣62百萬元、人民幣95百萬元及人民幣414百萬元。2016-2018年度股東應占淨利率分別為2.8%、1.8% 及4.9%。
受驅於預測期強勁的項目交付量，招銀國際預測2019-2021年度的股東應占淨利潤分別為人民幣1,468 百萬元、人民幣2,739百萬元及人民幣3,618百萬元，未來三年複合年增長率為106.0%。
此次報告，為招銀國際對新力控股首次覆蓋，並給予「買入」評級。報告之初，弱使用資產淨值法，預計新力2020財年末期資產淨值為每股人民幣8.69元。鑑於50%的折價及1.00港元兑人民幣0.90元的匯率假設，將目標價定為4.83港元。
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