《大行报告》瑞信升融创中国(01918.HK)目标价至42.7元 评级「跑赢大市」
瑞信发表报告指,融创中国(01918.HK)管理层指引今年销售目标为6,400亿元人民币,按年增长11%,意味去化率需达71%,与去年相若,管理层认为受惠需求正面,认为有空间跑赢目标。该行将融创中国目标价由39.4元升至42.7元,予其估值较每股资产净值折让40%,维持「跑赢大市」评级。
另外融创中国管理层亦预期2021财年入帐将加快,相估可部分抵销利润方面的压力并推动盈利增长,现时未入帐销售违9,500亿元人民币,估计5,000亿至5,500亿元人民币将在今年交付,按年升31%至44%,而入帐的毛利率料在今年见底。
瑞信指,融创中国管理层现时对变现文旅业务方面较积极,旅游地产去年收入39亿元人民币,EBITDA则为6.27亿人民币,管理层料相关收入2021年将达70亿元人民币,而EBITDA则望倍增至12亿元人民币,滑雪渡假村在引入策略投资者後可见性亦提升。该行将公司2021及2022财年盈利预测升2%。
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