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花旗:龍光地產(03380.HK)業績強勁增長,目標價上調至18港元
格隆匯 03-30 10:38

著名國際投資銀行花旗發佈最新研究報告,指出龍光地產(03380.HK)2019年業績強勁增長,核心利潤突破百億元,盈利能力繼續領先同業。花旗預測,未來三年公司權益合約銷售額可保持年均20%增長,城市更新每年將貢獻約20%的核心盈利,公司未來盈利可見度高,並將長期維持40%的派息率,具有長期投資價值,目標價由16.9港元上調至18港元。

花旗指,2019年公司實現權益合約銷售額915億元,同比增長31%,並完成2019年銷售目標的108%。期內公司實現歸母核心利潤達100.2億元,同比增長42.7%,盈利能力穩居行業前列。

花旗並指,城市更新已經成為公司業績增長新引擎,公司目前在10個城市拓展了78個城市更新項目,可轉化土儲貨值達4006億元,其中約95%位於大灣區。在深圳、惠州、東莞及珠海等企業可自主改造區域的貨值已達2890億元,佔比超72%。公司城市更新項目佈局好,價值高,業績記錄良好,盈利可見度較高,形成了穿越週期的盈利模式。未來3年,城市更新業務預期可貢獻當年約20%的核心利潤。

花旗認為,公司近期可開發土儲貨值4314億元,足夠支撐未來3年的權益銷售持續增長。此外,公司已鎖定80%的2020年預期收入,業績增長確定性較高。

花旗研報指出,公司近期晉級恆指大型股, 彰顯了公司的行業龍頭地位和可持續發展能力,邁入了全國性發展的新階段。2020年,公司全年權益合約銷售目標1100億元,同比增長超20%。公司將全國佈局粵港澳大灣區、長三角兩大都市圈和西南城市羣,並將佈局投資物業,實現長期可持續增長,繼續為投資者創造價值。

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