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中金:富力(2777.HK)土儲質量改善及槓槓率下降 予跑贏行業評級
格隆匯 04-20 16:42

中金公司表示,富力地產(2777.HK)有望藉助城市更新重新打開一二線市場,土儲質量有望改善及槓槓率下降,2020-2021年預測股息率分別達12.4%及13.7%,將進一步提升投資收益,而目前股價對應3.2倍2020年預測市盈率及較每股淨資產折讓68%,安全邊際較高,重新覆蓋給予“跑贏行業”評級,目標價13.1港元。

報告表示,預計富力地產2020-2021年城市更新轉化土地儲備約800萬平方米,公司2019年底權益土地儲備5790萬平方米,在三四線城市的佈局佔比超過55%。

報告又指,富力地產2020年計劃供貨2700億元人民幣,按年增長5%;銷售目標為1520億元人民幣,按年增長10%,而毛利率多年來維持在32%以上,預計2020-2021年將延續該水平。

另外,2020年公司有望順利應對債務再融資,並修復資產負債表,預計2020年公司將維持審慎擴張,經營性現金流赤字規模有望收窄,推動公司淨負債率到2020年底按年下降12個百分點至187%。

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