星展:首予綠景(0095.HK)買入評級 目標價2.97港元
星展發表研究報告指,綠景中國地產(0095.HK)有可見的城市更新項目進展,以帶領持續增長,相信其高利潤率可以持續。目前股價並未反映公司的優勢,因此首次給予其買入評級,目標價為2.97港元,即較前收市價有接近20%的上行空間。
星展認為,綠景是大灣區的舊改專家,2400億人民幣的潛在可銷售資源位處優越的黃金地段,其中包括白石洲項目及深圳約30萬平方米的投資性物業,目前股價以較資產淨值折讓77%(或按完全攤薄基礎58%),極具吸引力。
報告説,綠景擁有超過20年的舊改經驗,參與過深圳11個大型舊改項目,公司深入參與舊改,過去五年毛利率超過50%,明顯高於同行。
綠景管理層表示,公司未來將繼續致力於開發城市更新項目,並通過打開不同融資渠道積極優化資本結構,務求創造更多的盈利,以回饋股東和投資者。

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