野村:升潤地(1109.HK)目標價至45.3港元 料分拆物管將成股價催化劑
野村發表報告認為,華潤置地(1109.HK)租金組合將有強勁反彈,分拆物管業務亦將成近期股價的催化劑,而公司多渠道的土地收購策略料可維持可觀的盈利增長,重申對買入評級,並將目標價由40.7港元上調至45.3港元。
野村指,潤地上半年合約銷售額按年跌7%,達全年銷售目標2620億元人民幣的42%,由於下半年可售資源達4122億元人民幣,意味其去化率只需37%,相信公司將可達全年銷售目標。另外,公司亦宣佈分拆物管業務以釋放價值,上半年其物管公司管理面積為1.12億平方米,收入為27億元人民幣。
該行又指,潤地上半年以589億元人民幣收購495萬平方米新土儲面積,新增貨值約1200億元人民幣,其中約40%是來自非公開渠道,長遠將可使其毛利率高於同業。此外,自5月份起,公司旗下的商店租金及零售銷售增長回已強勁反彈,管理層預期今年租金收入將升5%。
考慮到交付較慢,野村將潤地今年核心淨利潤預測降低3%,但上調其21年及22年盈利預測4%及6%。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.