DBS研報首次覆蓋旭輝控股(00884.HK) 目標價8.66港元,未來價值有待重估
6月24日,星展銀行(DBS)發佈研報首次覆蓋旭輝控股集團(00884.HK),並給予“買入”評級,目標價8.66港元。DBS指出,面對市場的不確定性,旭輝強大的戰略執行能力有望帶來長期價值提升。公司深耕於一二線城市,堅持多元擴儲,保持着合理的銷售增長,同時聚焦商業綜合體,為逐步擴大租金收入奠定了基礎。
研報顯示,旭輝自2019年以來就開始加速在商業領域的投資佈局,多元化的拿地模式也使得公司在新的集中供地政策下脱穎而出。為緩解利潤壓力,旭輝正以不同方式擴充其土地儲備渠道,包括收併購、一二級的聯合開發以及綜合商業體項目的合作開發。2019年和2020年,旭輝從非公開拍賣渠道獲得的土地分別佔拿地比例的33%和51%。
DBS表示,截至2020年底,公司土地儲備達到5650萬平方米,其中約67%位於一、二線城市,約33%位於三、四線城市,足以支撐公司未來2-3年的收入增長。在擁有充足土地儲備的同時,旭輝的盈利能力和權益佔比也得到了持續提高。據研報,公司未來三年租金有望實現年50%複合增長,到2023年有望達到總收入的約2%。
隨着2016年底監管機構出台的一系列有關房地產的監管政策,旭輝也展現出了強大的財務管理水平和資金實力。截至2021年2月底,公司可推售貨值達1300億元人民幣,毛利率維持在較高水平,盈利能力較強。據DBS預計,憑藉穩健的發展趨勢和前瞻性的市場預測能力,旭輝控股的ROE在未來三年內將超過20%的水平,優於大多數同類可比公司。
DBS指出,展望未來,隨着旭輝強大的戰略執行能力和利潤率的持續回升,公司評級指標有望繼續夯實,盈利能力將得以進一步改善。
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