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因更高盈利確定性,綠城管理控股(9979.HK)獲多家大行上調評級
格隆匯 02-10 11:42

瑞銀髮研報指,雖然一些物管公司收益可能會受到其關聯開發商潛在流動性問題影響,但該行認為政府項目管理公司的收益確定性更高,綠城管理公司值得重新評級,該行將公司目標價由6.50港元上調至8.30港元,重申“買入”評級。隨着地方政府融資平台(LGFV)和國有企業(SOE)在土地拍賣價值中所佔的比例不斷上升,而綠城管理在項目管理方面定位良好。收益於訂單不斷增加,該行預測公司2020-23E年度商業/政府項目收入的複合年增長率為32% - 44%,2021E-23E年度淨利潤比普遍預期高出2-5%。2月8日,中國人民銀行和中國銀監會發布通知,將保障性住房貸款納入房地產貸款集中管理範圍。該行期待綠城管理以其強大的品牌認知度,將在政府項目管理領域實現更快的成長。另外,綠城管理過去12個月均價中值約為8340億港元,高於72.9億港元的95%上限,因此該行預計該股將於3月7日加入滬港通,而南下基金將幫助推高其股價。

瑞信發研報,預計綠城管理控股2021的淨利潤將按年增長33%至5.7億元人民幣。該行相信綠城管理將繼續利用其在項目管理方面的專業知識,在項目採購方面獲得更多上行潛力,將其目標價由6.82港元上調至8.04港元,維持“跑贏大市”評級。該行認為,綠城管理將受益於政府資助房屋的開發,綠城管理憑藉在國內市場建立的競爭優勢,擴大了地域覆蓋,非浙江地區佔其政府項目新簽約費用收入的50%。

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