《大行報告》瑞信升融創中國(01918.HK)目標價至42.7元 評級「跑贏大市」
瑞信發表報告指,融創中國(01918.HK)管理層指引今年銷售目標為6,400億元人民幣,按年增長11%,意味去化率需達71%,與去年相若,管理層認為受惠需求正面,認為有空間跑贏目標。該行將融創中國目標價由39.4元升至42.7元,予其估值較每股資產淨值折讓40%,維持「跑贏大市」評級。
另外融創中國管理層亦預期2021財年入帳將加快,相估可部分抵銷利潤方面的壓力並推動盈利增長,現時未入帳銷售違9,500億元人民幣,估計5,000億至5,500億元人民幣將在今年交付,按年升31%至44%,而入帳的毛利率料在今年見底。
瑞信指,融創中國管理層現時對變現文旅業務方面較積極,旅遊地產去年收入39億元人民幣,EBITDA則為6.27億人民幣,管理層料相關收入2021年將達70億元人民幣,而EBITDA則望倍增至12億元人民幣,滑雪渡假村在引入策略投資者後可見性亦提升。該行將公司2021及2022財年盈利預測升2%。
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