國泰君安:首次覆蓋弘陽地產(1996.HK)給予“買入”評級,目標價3.6港元
格隆匯12月7日丨國泰君安證券今日發佈研報稱,弘陽地產(1996.HK)以大江蘇為根基,乘勢快速發展,首次覆蓋給予“買入”評級,目標價3.6港元。
國泰君安證券稱,截至2020年6月底,弘陽地產累積了總共1837萬方土地儲備,其中江蘇佔總土儲的54.9%。隨着其快速擴張,弘陽地產的合約銷售(包括合聯營)在2017-2019年期間錄得了59.2%的年複合增長率。同時其強勁的銷售勢頭在2020年繼續保持,今年有望超過其人民幣750億元的合約銷售目標。
公司打造了獨特的商業品牌,有別於同業。2019年,公司為南京弘陽廣場升級改做,從傳統購物中心打造成一個娛樂綜合體,迅速成為南京江北都市圈(CBD)的娛樂中心。此外,公司有超過10個弘陽廣場在籌備(包括輕資產在內)。國泰君安證券相信這將對公司的物業開發產生協同效應,尤其是在江蘇省以外地區。
國泰君安證券看好弘陽地產高於行業平均的利潤增長,且公司多年紮根江蘇和長三角區域開始收穫成效。認為公司估值倍數應隨着其顯着的利潤增長而持續上升。
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