《大行报告》高盛将润地(01109.HK)纳入确信买入名单 上望45.8元
高盛发表研究报告,相信华润置地(01109.HK)自去年3月份起股价较同业落後,提供了吸引的买入水平,带来短期及长期投资吸引力,重申「买入」投资评级,并将其加到该行的「确信买入」名单,12个月目标价升至45.8元。
在短期内,该行相信公司可能在今年推出翘首以待的管理层激励计划,有助於恢复市场对管理层在行业竞争激烈的情况下维持公司领导地位的决心。另外,该行估计公司在2021至2022年期间将进一步动用约3,400亿元人民币在新项目并购上,同时不会抵触「三条红线」,为其2019至2020年投资额的约1.2倍。
在长期发展方面,其潜在的旗舰零售物业重资产分拆,将有助释放购物商场的价值。在2020年底,公司拥有42间重资产式的商场,营运表现在行业内首屈一指,客流量稳健,以及有健康的租金收入增长。根据其目前的发展渠道,公司计划在未来五年内,每年多开10至12间商场,令其商业物业组合中的商场数目在2025年前增至120间,估计在2021年商场物业组合的总估值为890亿元人民币。
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