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《大行報告》高盛首予禹洲集團(01628.HK)「買入」評級 目標價4.3元
阿思達克 11-10 10:24
高盛發表研究報告指,禹洲集團(01628.HK)的估值已跌至近4年來低位,主要由於其土地儲備較少及市場對其利潤增長前景的擔憂等負面因素已反映。

該行表示,市場或忽略了禹洲的土地儲備位處核心區域的潛力,以及通過改善產品和物業管理服務、增加項目股權及土地儲備多元化,都將成為增長動力,首次給予「買入」評級,目標價4.3元,基於2020年每股資產淨產折讓20%,意味仍有34%上行空間。

高盛認為,在新的土地收購和資本支出的推動下,禹州2020至2022年預測預售額可達1,330億元人民幣,年複合增長率達15%,高於同業的約10%。公司目標2021年剝離物管業務,預期會帶來6%至16%的額外可分配收益。

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