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《大行报告》花旗上调合景泰富(01813.HK)目标价至17.5元 评级「买入」
阿思达克 03-29 10:04
花旗发表研究报告指,合景泰富(01813.HK)订立今年销售额为1,240亿元人民币,预期在2,050亿元人民币可售资源中,有100亿元人民币来自城市更新项目,预期项目毛利率可达到30%至35%,为集团增长提供一定支持。

集团去年新增8个更新城市项目,总计34个,累计面积达2,200万平方米,涉及货值约6,500亿元人民币,为未来几年盈利空间提供保障。管理层并透露今年将新增5个城市更新项目,涉及约500万平方米。另外,公司计划将发展26座购物中心及10幢写字楼,当中6座购物中心及4幢写字楼将於今年开业,预期至2024年将有50亿至60亿元人民币租金收入,复合增长率超过40%。

该项指出,合景泰富财务水平符合当局预期,考虑到估值吸引,以每股资产净值56%折让计,现价水平为今年预测市盈率4.4倍,确认「买入」评级,并将目标价由15.18元上调至17.5元。

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