建銀國際:維持新力控股(2103.HK)優於大市評級,目標價5港元
格隆匯4月1日丨建銀國際今日更新對新力控股(2103.HK)的研究報吿。報吿對公司的核心投資價值提出了肯定,認為其收益穩定,財務狀況改善,2022F 5倍PE被低估,維持優於大市評級,目標價5.00港元。建銀認為,在2015年至2018年的快速增長期之後,自上市以來,新力便轉向了更為審慎的戰略。管理層將2021F銷售目標設定為保守的10%的年增長率,並將土地儲備預算定為合同銷售現金收入的40%。為了支持毛利,新力將其土地儲備來源多樣化,包括50%的公開招標、25%-30%的併購和20%-25%的工業+住宅土地儲備,並在保持其權益比在60%以上的同時,加強與其他開發商的合作。在融資方面,新力的目標是在2021F降低短債比例並將平均財務成本降低。
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