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《大行報告》花旗上調合生創展(00754.HK)目標價至11元 評級「沽售」
阿思達克 08-25 12:48
花旗發表的研究報告指,雖然合生創展集團(00754.HK)上半年盈利表現強勁,但擔心新投資業務包括是上市股份投資及未上市的股權投資表現,加上公司上半年積極投地,淨負債水平較高,對其急速擴張計劃看法審慎。雖然公司資產有質素而投資物業組合亦有很高價值,但認為公司的執行力及盈利表現仍需要時間證明,認為現時估值溢價不合理,維持「沽售」評級,目標價由6.4元升至11元。

該行指出公司上半年斥235億元人民幣(下同)收購土地,帶動淨負債率急升至92%,而上半年公司錄130億元的銷售,完成銷售目標的37%,下半年可售資源達700億元,加上包括北京及惠州的項目,管理層有信心去化率可達50%,中長期考慮到公司的土地儲備及銷售往績,該行認為公司的500億元銷售目標較為進取。

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