AMTD(尚乘):首次覆蓋新力控股(2103.HK)給予買入評級,目標價5.23港元
格隆匯5月24日丨AMTD(尚乘)今日發佈研報稱,新力控股是一個年輕而充滿活力的開發商,擁有基於員工激勵的股權結構,欣賞其為吸納專業高級管理人才以推動公司前進而做出的積極嘗試。公司資產負債表自2019年上市以來已顯着改善。淨負債對權益的比重大幅下降,這反映了公司通過其項目在合併層面產生的可觀的自由現金流。AMTD預計,新力控股2021年收入增長將受到其預售物業收入的支撐,達到約286億元人民幣,但由於均價的預售限制,利潤率將受到行業壓力。預計到2021年,毛利率將小幅下降至約24%,而淨利潤率將保持在7.2%的穩定水平,聯合營利潤貢獻的提高將部分抵消毛利率的下降。首次覆蓋新力給予買入評級,目標價5.23港元,潛在升幅26%。
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