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《大行報告》摩通上調融創(01918.HK)目標價至40.5元 評級「增持」
阿思達克 01-20 09:58
摩根大通發表的研究報告指,融創中國(01918.HK)去年大幅跑輸大市,主要因為市場擔心「三道紅線」將拖累公司增長,不過出售金科地產(000656.SZ)持股及分拆融創服務(01516.HK)後,配合2020年土地資本開支有限,公司已有效減低淨債務,另一方面公司在貝殼找房(BEKE.US)的持股獲重估,相信已解決「三道紅線」內其中兩道,並移除了重大風險。

摩通料2021年公司合約銷售將升約10%。該行指出雖然今年以來股價反彈,但撇除融創服務後,現估值僅相當於去年11月底的水平,相當於2021年預測市盈率2.9倍,反映今年以來的重估大多是受惠融創服務的持股而非物業發展業務,認為存在上行空間,將其目標價由35元升至40.5元,評級「增持」。

該行估計公司去年底淨負債水平約99%,並將錄145億元人民幣(下同)額外收益,加上核心淨利約300億元,帶動去年淨利升至460億元,相對2019年升約75%,故料公司將發盈喜。

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