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《大行報告》中金升融創中國(01918.HK)目標價至46.61元 指財務表現明顯改善
阿思達克 03-15 14:23
中金發表的研究報告指,融創中國(01918.HK)去年核心淨利按年升12%至302.6億元,符預期,且按「三條紅線」要求由「紅檔」降至「黃檔」,去年每股派息增至1.65元,按年升34%,全年股息收益率為6.1%。

該行指出公司淨負債率同比下降76個百分點至96%,現金短貸比超過1倍達到1.08倍。預扣負債率同比下降5.6個百分點至78.3%。除審慎拿地外,物管分拆、新股配售以及處置不良資產等外部因素也為降槓桿提供助力。該行估計今年公司有望進一步將有效利率降至7.5至8%,主要考慮信用評級機構可能在近期上調公司評級。

中金預期2021-23年公司將繼續致力降槓桿,公司計劃最早於明年底降至「綠檔」,該行料2021-23年公司將繼續穩步改善財務表現,土儲規模則維持穩定甚至小幅收縮。該行料2021年不良資產處置有望帶來50億至100億元淨收益,提供額外支撐。

中金指出2020年末融創未售貨值充足,達到2.7萬億元左右,覆蓋近五年的銷售,其中78%位於一、二線城市,據該行估計2021-23年公司每年能實現約10%的銷售增速。該行將公司2021年盈測升2.7%至318億元,主要考慮交付方面的調整,目標價升5%至46.61元,評級「跑贏行業」。(el/k) ~

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