安信國際:首次覆蓋並予銀城國際(1902.HK)“買入”評級 目標價2.8港元
銀城國際控股有限公司(1902.HK)獲得了安信國際的首次覆蓋,並給予“買入”評級及目標價2.8港元。
安信國際今日發表了題目為“長三角一體化發展下的機遇”的房地產行業研究報告,當中以“小而美的南京頭部房企”為題,覆蓋了銀城國際。
安信國際指出,整個地產行業承接四、五月份的復甦勢頭,六月再下一城。百強房企六月銷售約14,500億元(人民幣,下同),同比上升13.8%。分區域看,以長三角復甦情況較佳。該行認為憑着長江三角洲區域一體化的發展,看好環滬、南江蘇及浙江北之城市發展。而區域性中小房企擁有對當地的熟悉度較高,當地市場地位不低,享有比較優勢,有機會在競爭劇烈的市場中突圍而出。建議適量關注長三角精品房企。
安信國際指出,銀城國際是一家專注於在長三角為主的開發商,業務始於南京。銷售規模雖然不大,但區域地位較鞏固。憑着深耕南京之定位,銀城國際2019年南京全口徑銷售排名11。公司近年以“堅持立足南京,深耕長三角,輻射都市圈”為發展策略,拓展蘇南、浙江、淮海、安徽五大區域市場,未來將進一步發展杭州市場。
截止2019年底,公司土儲總建面約520萬平方米。土儲集中在長三角地區,其中南京及杭州(按貨值估算)分別約佔48%及21%,整體資產風險較低。該行基於公司中長期的發展,首予“買入”評級,目標價為每股2.8港元,相當於淨資產值估算的40%折讓。
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