《大行報告》美銀證券上調新城發展(01030.HK)目標價至11.5元 評級「買入」
美銀證券發表的研究報告指,新城發展(01030.HK)近期股價向下主要因為合約銷售表現弱過同期,加上平均銷售單價下降,認為平均銷售單價暫時較弱主要受產品組合影響。雖然今年首兩月銷售表現弱過同業,但與2019年同期比較仍高23%,反映2021年有望溫和增長。儘管近期調整,該行繼續認為公司2020財年核心淨利增長可維持行內領先,而「北水」將繼續帶來利好,因為新城發展估值相對其A股子公司有較大折讓,加上租金增長具可見性,將其目標價由10.6元升至11.5元,評級「買入」。
該行指出「北水」對公司的興趣增加,表現亦快過行內同業,截至上「北水」佔其市值約6%,接近20%的流通股。另一方面據公司早前公布,2020財年純利將增至少25%,據該行估算公司的投資物業重估收益增長或少於25%,主要因為疫情帶來的影響,所以意味核心淨利有望以較快速度增長,該行料增速或達28%。
今年2月份公司合約銷售約124.5億元人民幣,較2019年同期少2%,總計今年首兩月則為290億元人民幣,較2019年同期高23%,平均銷售單價每平方米9,100元人民幣,較2020年低約15%。(el/k) ~
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