野村:重申宝龙商业(9909.HK)“买入”评级 目标价32港元
野村发表研究报告指,宝龙商业(9909.HK)去年业绩符合预期,预期公司弹性的利润增长将持续,主要受惠于稳定的收入增长、毛利率扩充及经营效率改善,故重申其“买入”评级,维持目标价32港元。
野村表示,公司开始管理9个新项目,去年资产管理规模为97.6万平方米,其中商业管理管理资产额达860万平方米。管理层重申通过母企、第三方及收并购,每年商业管理资产料可额外分别增加100万、50万及50万平方米,目标到2023年商业管理资产达1500万平方米。该行相信公司有能力达标,原因是旗下子公司浙江星汇主要收购商业街,并计划在五年内开始管理100个项目。
野村又指,宝龙商业正提高其管理项目的质量,如就已开业的项目,目标在未来三年将出租率分别提高到93%、94%及95%,此举将可提升毛利率,并在未来几年带来更大的增长空间,故上调公司今、明两年利润预测各3%,以反映盈利能力改善的预期。

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