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招銀國際:予弘陽地產(1996.HK)“買入”評級 目標價3.52港元
格隆匯 04-08 17:23

弘陽地產集團(1996.HK)獲招銀國際看好其規模、商場及盈利能力,給予“買入”評級,目標價為3.52港元。

招銀國際認為,弘陽地產業績穩健,資產負債表健康,並預計集團2021年銷售額同比增長15%,因此有足夠的資金加速開發購物中心。集團現有6個購物中心投入營運,2020年的收入為5.05億元人民幣。有鑑於此,招銀國際預期,弘陽地產將在2年內開設5個購物中心(2個重資產及3個輕資產),帶動租金按年增長15%。中長期來看,集團將優化獲取土地渠道,增加併購及商住綜合項目,以提高權益佔比及盈利能力。

資產負債表方面,弘陽地產“三條紅線”零踩線,其淨負債率為50%,無限制現金/短債為1.1倍,剔除預收款後的資產負債率為69.4%。招銀國際因此認為弘陽地產估值吸引,維持“買入”評級。

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