中金:下調深圳國際(0152.HK)目標價至17.88港元 評級“跑贏行業”
中金髮表研究報告,維持深圳國際(0152.HK)2020年淨利潤預期50.24億港元,出於謹慎性考慮2021年不確認梅林關三期的收益,下調2021年淨利潤預期9%至45.62億港元,重申“跑贏行業”評級,但因市場風險偏好下降,下調目標價8%至17.88港元。
該行表示,深圳控股發佈公告,兩家子公司已於6月30日與深圳市前海深港現代服務業合作區管理局簽訂土地使用權出讓合同,涉及的3宗土地面積共約4.12萬平方米,計容建築面積共約17.25萬平方米,土地出讓價款合共約36.52億元人民幣。公司預計,2019年為公司帶來税前收益約35.53億元人民幣,對應29.5億港元的税後淨利潤。
該行認為,未來前海開發收益可觀。目前一期5萬米住宅項目去化率超90%,預計今年第四季確認5億港元的投資收益。二期三期尚未制定開發方案,超20萬平方米住宅將在未來釋放利潤。
另外,該行看好物流業務發展,看好2021年公路行業恢復穩健增長,其物流與環保業務或能加速貢獻利潤。

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