《大行報告》高盛將潤地(01109.HK)納入確信買入名單 上望45.8元
高盛發表研究報告,相信華潤置地(01109.HK)自去年3月份起股價較同業落後,提供了吸引的買入水平,帶來短期及長期投資吸引力,重申「買入」投資評級,並將其加到該行的「確信買入」名單,12個月目標價升至45.8元。
在短期內,該行相信公司可能在今年推出翹首以待的管理層激勵計劃,有助於恢復市場對管理層在行業競爭激烈的情況下維持公司領導地位的決心。另外,該行估計公司在2021至2022年期間將進一步動用約3,400億元人民幣在新項目併購上,同時不會抵觸「三條紅線」,為其2019至2020年投資額的約1.2倍。
在長期發展方面,其潛在的旗艦零售物業重資產分拆,將有助釋放購物商場的價值。在2020年底,公司擁有42間重資產式的商場,營運表現在行業內首屈一指,客流量穩健,以及有健康的租金收入增長。根據其目前的發展渠道,公司計劃在未來五年內,每年多開10至12間商場,令其商業物業組合中的商場數目在2025年前增至120間,估計在2021年商場物業組合的總估值為890億元人民幣。
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