《大行報告》瑞銀首予寶龍地產(01238.HK)「買入」評級 目標價6.7元
瑞銀發表報告表示,寶龍地產(01238.HK)是一間總部位於上海的非國企開發商,去年合同銷售額為600億人民幣,77%土地儲備位於長三角,其購物中心及住宅開發的業務模式應有助公司以較低的成本獲得土地,因為地方政府對產生經常性稅收和就業的商業地產商表示歡迎。該行預期寶龍地產於2019至2021年之毛利率逾36%,高於同行之30%至31%,更相信該業務模式的入門門檻高,包括資產周轉率高、融資成本低以及長期的運營記錄等。該行預期,寶龍地產2019至2021年盈利年複合增長率達28%,主要受到物業發展及投資物業收益增長所帶動,首予其「買入」評級,目標價為6.7元。
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