匯豐研究:首予時代中國控股(1233.HK)“買入”評級 目標價19.2港元
匯豐環球研究發表報告指出,時代中國(1233.HK)是大灣區城市內房市場的領導者,首次予以“買入”評級,予目標價19.2港元,估值較每股資產淨值折讓47%。
匯豐研究表示,時代中國作為一家中型房地產企業,目前正專注於快速發展的大灣區的業務,匯豐研究今年預測市盈率為4倍,低於行業同水平的地產企業如合景泰富及龍光。匯豐研究認為時代中國的土地儲備有66%在大灣區,與大灣區的其他開發商相比,比例為最高,匯豐研究預計該項目擁有長期增長潛力,利潤率仍有提升空間,相信良好的基本面可推動公司的估值上漲。
匯豐研究表示,時代中國方面於3月發表的業績指引稱今年全年銷售額將僅增長5%。而匯豐研究認為公司發佈的業績指引較為保守,由於時代中國在過去五年中一直都能實現其銷售目標,匯豐認為該公司下半年特別是第四季度將取得較為理想的業績增長,從而推動股價上漲。

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