《大行报告》大摩引述融创(01918.HK)管理层指上调全年销售目标至7,000亿人币 重申「增持」看50.52元
摩根士丹利发表研究报告,指出席了融创中国(01918.HK)5月27日在成都举行的股东周年大会,指公司今年首四个月活跃并购土储,但会控制买地开支不多於以季度计可归属合约销售收益的40%;融创并上调今年销售目标,由6,400亿元人民币增至7,000亿元人民币;并重申文化及旅游属长期战略。大摩予融创「增持」评级,目标价50.52元。
报告表示,首四个月融创收购83个项目,买地涉额1,010亿元人民币(可归属530亿元人民币),相当於首四个月合约销售的58%。新收购项目平均净利润率逾7%,同时杭州的项目,净利润率介乎4%至5%。融创收购了杭州4个项目,以及重庆8个项目,报告指杭州销售正加快,而重庆在相对低水平下房价增速加快。
即使在活跃并购土储下,大摩指融创将严守人行要求,将控制买地开支不多於以季度计可归属合约销售收益的40%。管理层相信在中央化土地供应政策下,土地市场将逐步降温;即使在4至6月期间土地市场仍很炽热,主因项目具质素及位处良好地段。
此外,首四个月融创合约销售1,710亿元人民币,在低基数下按年升62%,管理层上调全年销售目标,受惠内地房市炽热及高去化率,以及高达1万亿元人民币的可售资源。报告引述管理层称,文化及旅游投资属长期战略,有助公司以较低成本取得一些较大型项目。
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