《大行报告》高盛上调恒大(03333.HK)目标价至18元 维持「中性」评级
高盛发表研究报告指,恒大(03333.HK)上半年合约销售额录3,490亿元人民币,按年增长24%,销售去化率达54%,因此该行将今年合约销售预测上调15%至6,920亿元人民币,并将2021至2022年每股盈利预测分别上调8%及10%。
该行指,恒大管理层在上半年积极推售新盘及促销,更透露今年或可实现8,000亿元人民币的销售额,但加大折扣亦代表利润空间收窄。但高盛亦提醒,销售额加速增长,有助恒大改善其资产负债水平,估计至今年底的负债比率将由2019年的159%降至109%。
高盛将目标价上调14%至18元,以反映2020年底每股净资产值折让约25%,维持「中性」评级。
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