《大行報告》德銀下調雅居樂(03383.HK)目標價至13.3元 評級「買入」
德銀發表報告指雅居樂(03383.HK)的中期業績穩定且符合預期,盈利按年增長3.2%至52.9億元人民幣,核心淨利潤51.7億元人民幣,主要得益於確認向中國平安出售項目股權的41.4億元人民幣收益。中期股息持平,略低於該行預期。
管理層強調了審慎的現金流和債務管理對降低融資成本的重要性,及擴大特色小鎮的發展和城市重建業務管道,以保持長期良好地段的低成本土地,尤其是在大灣區。同時,規模擴張被視為較低的優先事項,特別是考慮到嚴格的監管環境。由於海南項目和多元化業務的貢獻,相信公司能夠保持穩定的利潤率前景。德銀維持「買入」評級,並根據5.8倍2021財年市盈率將12個月的目標價由14.1元下調至13.3元。
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