《大行報告》大摩首予合景泰富(01813.HK)「增持」評級 受惠城市重建
摩根士丹利發表研究報告指,合景泰富(01813.HK)城市更新項目價值尚未完全反映,考慮到該業務具有良好的盈利增長潛力,將合景泰富列為該行中小型內房股的首選。
該行表示,合景泰富目前擁有26個城市更新項目,當中87%位於廣州,預期合計可售資源高達5,850億元人民幣,相信今年可轉化約60萬至80萬平方米土儲,可售資源達440億元人民幣。該行保守估計,假設舊改項目淨利潤率為15%,加權平均資本成本為12%,將令公司資產淨值增長54%。
大摩又指,該公司計劃在今年下半年分拆物業管理業務上市,相信在母企支持下,合景泰富物管公司今年至2022年每年收入可按年增長40%,令其估值達到54億至75億元人民幣,將是未來增長動力。
大摩預期合景泰富今年至2022年核心盈利分別按年增25%、27%及28%,首次給予「增持」評級,基於今年預測市盈率約4.9倍,以及年底每股資產淨值約61%折讓,予目標價17元。
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