《大行报告》瑞银上调宝龙地产(01238.HK)目标价至10.4元 评级「买入」
瑞银发表报告指,考虑到宝龙地产(01238.HK)租金收入和合同销售快速增长,将2022及2023年度的盈利预测分别提高10%和18%,并将目标价提高55%,由6.7元上调至10.40元,等於2021年预测市盈率7倍,维持评级「买入」。
瑞银指,宝龙与其覆盖范围内的其他中国开发商相比,有50%的超额业绩,相信市场亦仍未计入,宝龙在未来几年内开发物业的毛利率将高於30%以上且超越同行,及购物中心业务改善的因素。因此宝龙较高的估值是合理,因为其盈利增长较高、知名度提升,及经常性收入在核心利润中的份额不断增加。
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