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《大行报告》美银证券上调新城发展(01030.HK)目标价至11.5元 评级「买入」
阿思达克 03-15 10:31
美银证券发表的研究报告指,新城发展(01030.HK)近期股价向下主要因为合约销售表现弱过同期,加上平均销售单价下降,认为平均销售单价暂时较弱主要受产品组合影响。虽然今年首两月销售表现弱过同业,但与2019年同期比较仍高23%,反映2021年有望温和增长。尽管近期调整,该行继续认为公司2020财年核心净利增长可维持行内领先,而「北水」将继续带来利好,因为新城发展估值相对其A股子公司有较大折让,加上租金增长具可见性,将其目标价由10.6元升至11.5元,评级「买入」。

该行指出「北水」对公司的兴趣增加,表现亦快过行内同业,截至上「北水」占其市值约6%,接近20%的流通股。另一方面据公司早前公布,2020财年纯利将增至少25%,据该行估算公司的投资物业重估收益增长或少於25%,主要因为疫情带来的影响,所以意味核心净利有望以较快速度增长,该行料增速或达28%。

今年2月份公司合约销售约124.5亿元人民币,较2019年同期少2%,总计今年首两月则为290亿元人民币,较2019年同期高23%,平均销售单价每平方米9,100元人民币,较2020年低约15%。(el/k) ~

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