中金:上調融創(1918.HK)目標價至47.5港元 評級“優於大市”
中金髮表研究報告指,融創中國(1918.HK)今年下半年銷售料可重拾增長,同時分拆旗下物業管理公司將有助價值釋放,故上調公司目標價7%至47.5港元,維持“優於大市”評級。
中金稱,雖然融創年初銷售落後,但5月開始迎頭追趕,而公司今年計劃推貨8200億元人民幣,考慮到公司下半年將集中推盤,預計自8月起每月新推盤將超過800億元人民幣,且主要佈局都市圈,相信公司有望實現全年銷售6000億元人民幣的目標,並預料公司今、明兩年核心淨利潤將分別增加10%及20%。
該行又指,受惠於較寬鬆的信貸市場環境以及順利再融資,預計上半年底融創加權平均資金成本將下降至8%,而公司目標今年底淨負債率下降至130%-140%,預計上半年淨負債率將穩定在170%水平。

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