野村:重申寶龍商業(9909.HK)“買入”評級 目標價32港元
野村發表研究報吿指,寶龍商業(9909.HK)去年業績符合預期,預期公司彈性的利潤增長將持續,主要受惠於穩定的收入增長、毛利率擴充及經營效率改善,故重申其“買入”評級,維持目標價32港元。
野村表示,公司開始管理9個新項目,去年資產管理規模為97.6萬平方米,其中商業管理管理資產額達860萬平方米。管理層重申通過母企、第三方及收併購,每年商業管理資產料可額外分別增加100萬、50萬及50萬平方米,目標到2023年商業管理資產達1500萬平方米。該行相信公司有能力達標,原因是旗下子公司浙江星匯主要收購商業街,並計劃在五年內開始管理100個項目。
野村又指,寶龍商業正提高其管理項目的質量,如就已開業的項目,目標在未來三年將出租率分別提高到93%、94%及95%,此舉將可提升毛利率,並在未來幾年帶來更大的增長空間,故上調公司今、明兩年利潤預測各3%,以反映盈利能力改善的預期。

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