弘陽地產(1996.HK)獲里昂、招銀國際及尚乘齊上調目標價 雙輪驅動釋放隱藏價值
格隆匯8月31日丨中國領先的綜合性房地產開發商弘陽地產(1996.HK)8月26日公佈截至2020年6月30日止的中期業績，上半年實現合約銷售金額同比逆市上升4.4%至人民幣315.7億元；核心淨利潤上升80.7%至人民幣約8.7億元；母公司擁有人應占核心淨利潤同比上升30.7%，達至約人民幣6.6億元。
多間投行如里昂證券、招銀國際、尚乘國際及建銀國際均發表“買入”研究報告，部份更上調目標價由3.00至3.78港元不等。
里昂證券上調弘陽地產的目標價從2.90港元至3.20港元，維持“買入”評級： 主要因為集團的中期利潤人民幣6.57億元（同比增長30.7%），高於市場預期，其雙輪驅動擴張正步入正軌，充分反映在強勁的銷售勢頭和一些優質的收購。常州和安慶的三個商業項目以相對較低的價格購得，計劃在未來2-3年內完成，這將進一步增強其弘陽品牌作為購物中心運營商的地位，並將其投資物業組合增加約50％。弘陽地產一如既往的達標，可幫助釋放隱藏的股權價值。
招銀國際認為弘陽地產有人民幣878億元貨值的項目將在2020年下半年推出，其中55%位於江蘇地區。 假如集團在2020年下半年售出其中的50%，弘陽便足以實現人民幣750億元的全年目標，因此招銀國際將目標價從3.22港元上調至3.52港元，重申“買入”評級。
尚乘國際認為2020財年會是弘陽地產豐收的一年。集團有望實現其合同銷售增長15％的目標，年初至今，弘陽地產已錄得合約銷售人民幣408億元，銷售目標達成率為54.4%，超過行業平均水準48.8%，而淨利潤將增長40％，反映其2018-2019年合同銷售的強勁增長。尚乘國際將目標價上調17％至3.78港元，維持“買入”評級。
建銀國際的研究報告顯示，弘陽地產的核心利潤增長在同行中排名第二，增加31%，其長三角區獲44%增長；收入增長146%，達到人民幣96億元，這要歸功於2015-2019年合同銷售額快速增長，即67%的複合年均增長率。此外，集團在損益表和資產負債表方面都有優異成績，大多數同業只能改善損益表或資產負債表，但弘陽地產則可同時顯着改善資產負債表，淨負債率降1.7個百分點至68.7%，信託貸款比率降9個百分點至7%，短期債務佔比從42%降至36.8%，平均融資成本降3個百分點至7.83%，因此，建銀國際給予集團3.00港元的目標價及“跑贏大市”評級。
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