《大行报告》汇丰研究上调碧桂园(02007.HK)目标价至10.5元 评级「持有」
汇丰研究发表的报告指,碧桂园(02007.HK)已重新定位以重拾领先房企的地位,认为其2019年业绩带来较好讯号,同时亦反映资产负债表稳健,在净负债方面有较强管控。该行认为管理层语调较去年乐观,并指出疫情爆发後在三、四线城市复苏较一、二线城市快。虽然一如既往公司并无提出销售目标,但就指出可售资源为9,000亿元人民币,料去化率将为67%,意味2020年合约销售约为6,000亿元人民币,按年增长约9%。
该行认为公司去年核心盈利表现大致符预期,主要是因为预期较低,加上同业表现亦较弱,而公司财报表现亦看似有利。派息比率维持在30%水平,股息率达7.5%,是大型内房中最高。未入账销售达7,000亿元人民币,意味盈利可见性相对较高。该行维持对公司「持有」评级,认为三线城市仍存在较大的不确定性,目标价由10.3升至10.5元。
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