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野村:重申融創中國(1918.HK)買入評級 目標價46.1港元
格隆匯 03-15 13:40

野村發表研究報吿指,融創中國(1918.HK)今年合同銷售目標按年增長11%及利潤增長指引約10%均符合市場預期,但管理層對市場及政策持樂觀看法,或可增強投資者的信心,而目前公司估值亦吸引,故重申其買入評級,目標價續看46.1港元。

野村指,融創去年核心盈利為303億元人民幣,符合該行及市場預測;儘管政策有收緊,但主席孫宏斌看法仍樂觀,並料今年房地產銷售將達17萬億元人民幣,同時,供應端重經亦有利加快行業整合,故今年料有更多收併購機會。

該行又指,融創今年合同銷售額目標為6400億元人民幣,當中有40%將於上半年推出,故預期上半年合同銷售額將有強勁增長,料按年升30%;另外,管理層亦預期今年合併收入將按年增長20%至2800億元人民幣,毛利率料維持在20-21%的穩定水平,故料核心盈利將達330-340億元人民幣,即按年增長10%。

野村認為,上半年銷售增長強勁將成公司短期催化劑,至於長期催化劑則是分拆其文化及旅遊業務。

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