富瑞:升龍湖(0960.HK)目標價至41.36港元 重申“買入”評級
富瑞發表研究報告稱,龍湖(0960.HK)今年料可維持穩健增長,預期純利增長約20%,毛利率則低於30%水平;此外,預售亦料有單位數增長及租金收入增逾30%至76億元(人民幣.下同)。而集團對各業務的指引相當正面,加上認為新冠狀病毒對其影響屬可控,重申“買入”評級,並將目標價由41.33港元,輕微上調至41.36港元。
富瑞指,受疫情影響,龍湖將今年合約銷售目標定為2600億元,僅按年升7%,惟該行認為目標過份保守,原因是集團可售資源達4100億元,其執行力亦強,預期龍湖今年銷售增長可達12%至2700億元。
該行又指,受惠於營運表現強勁及租户組合理想,集團去年商場出租率達99%。考慮到集團逾六成的現有商場已發展成熟,加上今年亦會新開9個新商場,預期龍湖今年租金收入將增長27%至61億元。公司亦計劃今年新開2.5萬間長租公寓,並料其EBITDA可扭虧為盈。該行估計,長租公寓未來兩年複合增長率達25%,中期將成龍湖另一盈利增長引擎。該行相信,龍湖強勁的資產負債表在未來兩年可持續支持公司股息率於5-6%水平。

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