里昂證券上調弘陽地產(01996.HK)目標價由3.20至3.6港元 資產負債表充滿驚喜、“三條紅線” 零踩線
中國領先的綜合性房地產開發商弘陽地產集團有限公司(「弘陽地產」或「集團」;股份代號:1996)早前剛公佈截至2020年12月31日止的全年業績,里昂證券認為集團的雙輪驅動戰略續顯成效,錄得令人欣喜的2020年合約銷售、租金收入及核心盈利,併成為為數不多的“三條紅線” 全達標的開發商之一,因而維持給予「買入」評級,更上調目標價至3.6港元。
里昂證券認為弘陽地產2020年業績最引人注目的是其成功實現“三條紅線”零踩線,其淨負債比率及負債對資產比率分別按年下降20個百分點及5個百分點至50.3%及69.4%,而其非限制現金短債比率由2019年的0.7倍上升至1.1倍。這將有助其持續擴展業務。里昂證券亦看到集團信貸升級的可能性,有助進一步降低其融資成本;截至2020年底,集團的平均借貸利率為7.7%。
弘陽地產於2020年取得令人滿意的合約銷售,同比增長32.9%,憑藉其約人民幣1,400億元的可售資源,現正計劃於2021年再實現15%的同比增長。弘陽地產目前經營六個弘陽廣場,另有九個正在籌備中。截至2020年,集團的未確認銷售額為人民幣937億元,其中,約370億人民幣將在未來一至兩年內以合併報表形式確認。
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