農銀:給予弘陽地產(1996.HK)“買入”評級 目標價3.8港元
格隆匯1月26日丨在強勁的銷售和穩定的租金收入支撐下,近日,弘陽地產(1996.HK)獲農銀給予「買入」評級, 目標價3.8港元。
受惠於長三角區有利的地域性驅動下,弘陽地產的合同銷售額從2017年的人民幣257億元增加至2020年的人民幣865億元,複合年增長率為50%。2020上半年,長三角地區佔合同銷售總額的77%。截至2020年6月,弘陽地產的土地儲備建築面積為1837萬平方米,其中55%,18%和27%的土地儲備分別位於江蘇省、除江蘇省外的長三角區(主要是浙江和安徽),以及其他中國主要城市。


農銀認為弘陽地產“住宅+商業”的模式大大提升其以低成本獲得土地的機會。在開發住宅物業的同時,集團還營運一系列商業物業,包括購物中心、主題公園、社區遊樂設施、酒店和辦公樓。弘陽地產大多數的商業物業與其住宅物業項目相鄰,為居民提供增值服務並支撐住宅物業項目的價格。例如,安慶商住兩用物業的平均土地成本為人民幣1846元/平方米,預計毛利率不低於30%。
此外,農銀亦認為弘陽地產擁有強勁的經常性租金收入。弘陽地產的目標是在2022-23年間開設三座重資產的大型購物中心。在租金上漲的帶動下,弘陽地產的租金收入從2017年的人民幣1.66億元增長至2019年的人民幣4.11億元,複合年增長率為57%,並在2020年上半年同比增長14%至人民幣2.13億元。
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