《大行报告》野村下调奥园(03883.HK)目标价至12.4元 评级「买入」
野村发表研究报告指,奥园(03883.HK)今年合约销售额增长目标虽然较保守,但相信公司对2021至2022年度的25%至30%增长预测属比较进取,可部分缓解市场对其今年增长急剧放缓的担忧。
该行表示,管理层维持积极并购的发展方针,亦证明未来盈利可能强劲增长,2020至2021年每股盈利年复合增长率预期为53%,看好中长期前景,预期未来集团将加快成长,销售额可提升至2,000亿元人民币以上,且管理层透露3月以来售楼处人流出现强劲反弹,相信3月份销售表现将恢复至去年同期相若水平。
野村认为,奥园现价为今年度预测市盈率约3倍,股息率达15%,对比同行为3.9倍及8%,其估值具有吸引力,预期今年派息比率将回复至40%,将每股资产净值折让目标由45%提升至50%,目标价下调14%至12.4元,以反映楼市受疫情所打击,评级维持「买入」。
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