中信證券:予融創中國(1918.HK)“買入”評級 目標價60.52港元
中信證券發佈報告稱,重新覆蓋融創中國(1918.HK)並予“買入”評級,該行認為,公司的貨值已經足夠充裕,槓桿率有望緩慢下降,交付則有望明顯放大,公司已經進入收穫期。給予公司2020年6倍PE的合理估值,綜合相對估值及絕對估值,給予公司60.52港元/股的目標價。
該行稱,公司依託管理優勢,實現了龐大一、二線土地的積累,也豐富了產品內容。如今,公司資金成本開始趨勢性下降,真正在信用上也將躋身行業一流之列。
公司管理層從業時間長,變動少,內部提拔人員多。公司激勵豐厚,和市值掛鈎多,不搞項目跟投。管理上的優勢既保證了區域充分授權,公司運作靈活,也使得公司上下聚焦整體發展,管理層和股東利益高度一致。
該行表示,公司土儲充裕,權益儲備達1.36億平米,其中一半左右來自於併購,樓面平均成本僅4307元/平米,佔銷售均價不到30%。併購的確是公司構築土儲優勢的核心手段,從過去兩年經營記錄看公司併購項目的確並不多見“踩雷”。該行認為,公司併購人才積累,聲譽維護逐漸進入自循環、自強化的良性軌道,處置不良資產和吸引合作方的能力日益增長。
受益於充分拓展,公司成為地產龍頭中中期銷售增速的領頭羊,2011-2019年化銷售額增速超過50%。公司產品線也日益豐富,除了住宅之外在文旅、會展方面積累能力,不僅能反哺拓展,也初步積累了長期穩定業務。此外,公司物業管理板塊即將迎來交付面積的高峯,品牌形象日益飽滿。

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