《大行報告》摩通上調融創(01918.HK)目標價至41元 評級「增持」
摩根大通發表研報指,融創中國(01918.HK)2020年業績在核心淨利潤、利潤率、負債水平及派息等各方面都與市場預期一致,認為融創已由過去的高增長方針成功轉變為平穩發展。
該行認為,2020年業績是自當局實施實施「三條紅線」措施後,內房開發商交出的首份成績表,融創於去年底止淨債務比率已降至96%,去年減慢補充土儲,但今年可售資源仍達到9,060億元人民幣,土地轉化率有所提升。
摩通表示,融創今年上半年可銷售資源佔比由30%增至40%,預期上半年銷售表現理想,預測今年合約銷售額增長將加快至10%,予評級「增持」,目標價由40.5元升至41元。
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