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富瑞:料奧園(3883.HK)維持強勁盈利增長及高股息收益率 呼籲買入
格隆匯 03-26 13:47

富瑞發表研究報告表示,預計中國奧園(3883.HK)今年可保持強勁的盈利增長及高股息收益率,雖然受新冠肺炎疫情影響,其銷售增長將會放緩至11-13%,料明年將可重奪強勁銷售增長的勢頭,以鞏固其首30大內房的市場地位,該行又指其現估值吸引,重申“買入”評級,目標價則由15.65港元輕微降至15.06港元。

該行又指,管理層目標今年銷售額只按年升12%至1320億元人民幣,該行認為或有潛在上調的機會,因考慮今年銷售資源達2550億元人民幣,此外,管理層預期未來兩年銷售增長可望加速至25%,料至2022年增至2000億元人民幣。

富瑞指,奧園現擁有1700億元人民幣未入帳銷售,將有助支持未來兩年的強勁盈利增長,加上銷售及行政成本的節省,料2020-21年度盈利增長可達53%及27%。雖然公司因應疫情調低其派息比率至35%,但估計未來兩年股息收益率仍達10-12%。

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