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《大行报告》汇丰研究升碧桂园(02007.HK)评级至「买入」 目标价上调至11.5元
阿思达克 05-11 11:01
汇丰研究发表报告,指碧桂园(02007.HK)公布在五一黄金周期间合同销售按年增长70%,主要是由於销售势头良好、较高的权益比例及劳动节假期多了一天所致。虽然平均售价略有收窄,但强劲的销售增长意味公司在低线城市的市占率显着增加,代表碧桂园已步入基本面的转变。尽管该行明白公司在低线城市的覆盖相对高,即表明对环境的敏感度较高,但销售反弹的现象反映复苏快过预期。

此外,其潜在信用评级提升的前景亦被看好,将投资评级由「持有」上调至「买入」,目标价由原来的10.5元上调至11.5元。在公司公布2019财年业绩後,该行已将其2020财年合同销售预测上调9%至近6,000亿元人民币,意味按年增长5%。随着公司有9,000亿元人民币的可售资源及66%售罄率,相信此销售预测是合理。该行预期公司未来数月将连续录进一步改善的合同销售表现,从而有助巩固市场份额。

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