《大行報告》花旗料龍湖(00960.HK)今年純利可升20% 重申為內房行業首選
花旗發表研究報告,預期龍湖集團(00960.HK)10月份的銷售為280億元人民幣,按年增4%,首十個月的銷售料按年增6%至2,140億元人民幣。隨著已達成全年目標的82%,管理層有信心能完成全年2,600億元人民幣銷售的目標。
該行又指,公司在今年首九個月新增86個項目,涉及774億元人民幣。期內,在一、二線城市以合理成本併購土地(每平方米5,980元人民幣,毛利率25至30%),聚焦於在現有城市發展,並進入三個新城市,包括唐山、淄博及三亞。
另外,公司目前正營運43個商場,並計劃在11或12月份再開4個新商場,即今年底止總共有48個商場營運。在受到疫情的影響後,公司的目標是在2020年度錄60億元人民幣的商場租金收入,意味按年增長26%,同店銷售增長15%,及人流增長5至6%。公司預期2021至2022年的租金增長30%。
該行引述管理層指,毛利率略得輕微下跌是不可避免的事,料長遠毛利率將維持在大約25至30%。該行預期龍湖會在2020財年維持盈利按年增長20%,相信公司已建立反周期能力,並有效執力良好的多元化戰略,以達到穩定的長遠可持續增長及支持其估值。重申「買入」投資評級,目標價50元,並是該行內房行業首選。
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