《大行報告》德銀上調雅居樂(03383.HK)目標價至14.1元 評級「買入」
德銀發表研究報告,指雅居樂(03383.HK)去年業務符預期,主因海南項目銷售入賬,以及2019年低基數所致,核心盈利升106%至83.5億元人民幣,派息升10%至1.1元,相等於派息比率為43%。評級「買入」,目標價由13.5元升至14.1元。
該行指,管理層的展望給予市場更樂觀的預期,包括合約銷售額目標增16%至1,500億元人民幣,收入增25%,毛利升至27至30%。
該行又指,公司改善現金/短期債務比率,主因去年出售資產所致,負債比率亦降至61%,管理層指會進一步改善債務狀況,今年資本開支為400億元人民幣,需要更嚴謹控制財政狀況以達至目標。
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