野村:維持奧園(3883.HK)買入評級 收購京漢令資產淨值温和增長
中國奧園(3883.HK)近日公佈,斥資11.6億元人民幣,向獨立第三者收購於深圳上市的京漢實業投資集團約29.99%股權。野村發表研究報告指,收購京漢將為奧園帶來温和的資產淨值增長,增加奧園的土地儲備及銷售資源,有助增加今年的銷售目標,維持目標價12.4港元,重申“買入”投資評級。
野村表示,根據該行估計,京漢的毛利率為29%,大致與去年奧園毛利率29.7%相若,認為合併後,備考淨負債率將輕微下降至73%,又指奧園表明無意借殼上市。

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