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海通國際:龍光地產(03380.HK)將晉級全國性綜合開發商,長期增長可期
格隆匯 02-26 16:58

2月26日,著名投資銀行海通國際發佈最新研究報告,指出龍光地產(03380.HK)將晉級為全國性綜合開發商,未來區域市場及收入來源將更加多元化,業績將長期可持續增長,投資價值凸顯,目標價為20.7港元。海通指出,集團在粵港澳大灣區和廣西南寧已經位居市場龍頭地位,並擁有標準化的產品線和廣受認可的品牌,預期集團將區域深耕粵港澳大灣區、長三角及大西南三大市場,建立全國性知名品牌。

海通並指,集團的城市更新業務具有差異化的競爭優勢和顯著的盈利貢獻。2019年,城市更新業務對集團核心盈利貢獻為18億元,維持了集團行業領先的盈利能力。海通預期未來3年,城市更新每年對集團核心盈利的貢獻不低於20%。

海通續指,長期看集團收入來源將更加多元化,持有物業收入佔比將陸續增加。集團已經開業深圳玖龍薈及惠州龍光城商業廣場等大型購物體驗中心,近年內將開業深圳玖鑽和玖龍台兩大地標商業綜合體項目,預期集團於2022年底前可運營約100萬平米的持有物業。

海通總結,集團擁有遠大的格局和強勁的戰略執行力,持續為股東創造價值的同時,實現了業務規模和盈利能力的連續升級。海通預期集團權益合同銷售額在2022-2022年維持不低於20%的年複合增長率, 核心盈利可望保持同步增長。海通認為,集團在業績長期可持續增長和財務穩健之間做到了很好的平衡,股息回報優厚,是長期投資者的首選。

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