《大行報告》摩通上調龍湖(00960.HK)目標價至52元 評級「增持」
摩通發表的研究報告指,龍湖集團(00960.HK)上半年業績表現符預期,按年增長14%,其中開發物業利潤低於預期,不過相關因素被投資物業及物管的高增長所抵銷,認為反映了在開發物業利潤收窄時,公司的投資業務及物管業務具防守性,相信相關業務應更具價值。公司到2023年盈利年複合增長目標20%應在正軌上,屆時開發物業的貢獻將低於70%。同時該行認為未來拍賣的土地成本將降低,將利好開發物業利潤擴張。該行重申予「增持」評級,目標價由50元升至52元。
該行認為公司在風險及增長方面有最好的平衡,而在同業中亦有最清晰的開發物業策略,在高端城市透過TOD項目提升利潤及經營效率,而受惠公司在西部有獨特品牌及業務模式,帶來了高利潤土儲,相對同業僅個別項目高利潤,公司更具持續性。該行估計龍湖下半年可購買近2,000萬平方米的土儲,意味2022年可售資源增逾20%。
上半年龍湖物管增長亦強勁,相關收入達40億元人民幣,按年升58%,簽約面積及在管面積分別為4.8億平方米及2.05億平方米,不過增長較其他物管企業慢,主要因為公司在第三方擴張方面較慢,亦未有積極爭取社區增值服務。物管盈利貢獻比例提升,加上增長快速,故已開始貢獻龍湖的盈利增長,相信公司將加快透過併購、第三方擴張及增加增值服務等帶動增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.