富瑞:維持中海外(0688.HK)買入評級 目標價34.22港元
富瑞發表研究報告指出,中國海外發展(0688.HK)管理層在業績記者會上發表樂觀的展望,相信公司今年預售增長仍勝同業,而其雄厚的土儲、強勁的資產負債表以及低廉的資金成本,將令公司有力抵禦逆週期,相信投資者今年會恢復對公司的信心,認為其現價吸引,維持“買入”評級,並視之為藍籌發展商的首選股份,惟將目標價由原來的35.8港元降至34.22港元。
報告指出,雖然管理層維持今年4000億人民幣的銷售目標,但相信只反映管理一貫的低調作風,料今年銷售可增長約20%,而土儲預算目標按年增加23%,也顯示管理層鋭意維持20%中期銷售增長之雄心。
富瑞預測,中海外今年租金收入可升20%至50億元人民幣,管理層相信今年將是擴充土儲的良機,公司未入帳銷售額約2750億人民幣,今年竣工目標是增長16%,相信可帶動今年盈利增長至15%。管理層又透露,今年將進一步提高派息率至大約30%,意味股息率或約5-6%。

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