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《大行報告》花旗下調龍光集團(03380.HK)目標價至16.1元 評級「買入」
阿思達克 08-31 11:58
花旗發表研究報告指,龍光集團(03380.HK)上半年集團業務符合預期,物業銷售按年增長59%,重新設定一個更切合市況、高於平均水平穩定增長目標,將提升盈利能力及穩定增長作為首要任務,預計其毛利率可高於行業平均水平約3至5個百分點,資本回報率逾25%。 該行指出,龍光在11個城市擁有125個城市更新項目,涉及4,630萬平方米,項目淨利潤率料超過20%,上半年物業銷售增長,年內於深圳等地將開設兩座新商場,亦會帶來租金收入增長。 公司下半年可售貨值達1,560億元人民幣,花旗估計城市更新業務及輕資產可推動回報,加上財務指標向好,維持於「綠檔」,重申「買入」評級,但因應市場情況,將目標價由19.38元下調至16.1元。
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