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匯豐:升碧桂園(2007.HK)評級至買入 目標價上調至11.5港元
格隆匯 05-11 16:24

匯豐研究發表報告,指碧桂園(2007.HK)公佈在五一黃金週期間合同銷售按年增長70%,主要是由於銷售勢頭良好、較高的權益比例及勞動節假期多了一天所致。雖然平均售價略有收窄,但強勁的銷售增長意味公司在低線城市的市佔率顯著增加,代表碧桂園已步入基本面的轉變。儘管該行明白公司在低線城市的覆蓋相對高,即表明對環境的敏感度較高,但銷售反彈的現象反映復甦快過預期。

此外,其潛在信用評級提升的前景亦被看好,將投資評級由“持有”上調至“買入”,目標價由原來的10.5港元上調至11.5港元。在公司公佈2019財年業績後,該行已將其2020財年合同銷售預測上調9%至近6,000億元人民幣,意味按年增長5%。隨着公司有9,000億元人民幣的可售資源及66%售罄率,相信此銷售預測是合理。該行預期公司未來數月將連續錄進一步改善的合同銷售表現,從而有助鞏固市場份額。

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