You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行报告》中金升融创中国(01918.HK)目标价至46.61元 指财务表现明显改善
阿思达克 03-15 14:23
中金发表的研究报告指,融创中国(01918.HK)去年核心净利按年升12%至302.6亿元,符预期,且按「三条红线」要求由「红档」降至「黄档」,去年每股派息增至1.65元,按年升34%,全年股息收益率为6.1%。

该行指出公司净负债率同比下降76个百分点至96%,现金短贷比超过1倍达到1.08倍。预扣负债率同比下降5.6个百分点至78.3%。除审慎拿地外,物管分拆、新股配售以及处置不良资产等外部因素也为降杠杆提供助力。该行估计今年公司有望进一步将有效利率降至7.5至8%,主要考虑信用评级机构可能在近期上调公司评级。

中金预期2021-23年公司将继续致力降杠杆,公司计划最早於明年底降至「绿档」,该行料2021-23年公司将继续稳步改善财务表现,土储规模则维持稳定甚至小幅收缩。该行料2021年不良资产处置有望带来50亿至100亿元净收益,提供额外支撑。

中金指出2020年末融创未售货值充足,达到2.7万亿元左右,覆盖近五年的销售,其中78%位於一、二线城市,据该行估计2021-23年公司每年能实现约10%的销售增速。该行将公司2021年盈测升2.7%至318亿元,主要考虑交付方面的调整,目标价升5%至46.61元,评级「跑赢行业」。(el/k) ~

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account