《大行報告》花旗下調嘉里建設(00683.HK)目標價至19.9元 評級「中性」
花旗發表的研究報告指,嘉里建設(00683.HK)主要聚焦豪宅項目,而香港豪宅市場氣氛較弱,將公司2020-22財年盈利預測降至35-44億元水平,但仍相信公司未來三年可維持穩定的每股派息,現時股息率亦達7%,考慮到股份較資產淨值折讓較大,相信公司或會更積極出售資產並回饋股東,料將為股份帶來潛在的重估,除此以外該行未見有短期的催化劑,維持「中性」評級,目標價由21.5元降至19.9元。
該行指出公司未有計劃在下半年推新盤,現時的焦點主要在於推售「緹山」、「皓畋」及「滿名山」,當中「緹山」首七月銷售已達11億元,但旁邊的項目將於2021年推出,估計將帶來直接競爭,而單位平均達5,000呎,料銷售亦會較慢。
該行指出今年首七月嘉里香港合約銷售達39億元,而內地則為21億元,而今年銷售目標80億元料亦在正軌上,而截至6月未入帳銷售約為79億元,當中有48億元在港、31億元在內地,估計有42億元將在下半年入帳,故料下半年盈利將有輕微上升。(el/k) ~
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