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《大行報告》野村:市場過度憂慮恆大物業(06666.HK)母企流動性 評級「買入」看18.5元
野村發表研究報告指,恆大物業(06666.HK)6月以來股價累跌約19%,主因市場憂慮其母企中國恆大(03333.HK)流動性緊張,以及IPO鎖定期屆滿。該行認為市場過度憂慮,恆大流動性已開始改善,恆大物業本年至今第三方擴張進展亦好過預期。此外,鎖定期後基投及IPO前投資者出售2.5%已發行股本,亦優化股東結構,可引入更多機構投資者。

該行維持恆大物業目標價18.5元,評級「買入」,現估值相當於預測明年市盈率12.5倍(相對同業21.5倍),認為明顯被低估。料迎來多個短期催化劑,包括潛在併購;上半年潛在盈喜(該行料純利按年增長60%);以及回購決議在6月15日股東周年大會潛在獲得批准。

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