野村:旭輝(0884.HK)有三大催化劑 維持“買入”評級
野村發表報告認為,旭輝控股(0884.HK)有三個正面催化劑,包括今年銷售目標按年增長15%,為同業中最高;增加權益比率;以及更多元化的土地收購來支持毛利率,同時控股股東亦不排除會進行股份回購,維持其“買入”評級,目標價由7.9港元輕微下調至7.6港元。
野村指,在旭輝可售資源增長24%下,管理層對今年合同銷售按年增長15%至2300億元人民幣的目標有信心。此外,公司今年土儲權益比率料按年升20%,並目標合同銷售權益比率將由去年的55%,到2022年增至70%。該行又預料,公司今年來自非公開市場的新增土儲將佔約一半,主因留意到收併購機會有所增加,由於這些項目具有較高毛利,相信公司可將毛利率穩定在25%的水平。
野村續指,旭輝估計租金收入於今、明兩年的複合年增長達37%至10億元人民幣;公司每年把總投資預算的10%用於發展經常性業務,以降低其融資成本。該行將旭輝2020-21年每股盈利預測下調2%及4%,並估計未來三年其每股盈利複合年增長達23%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.