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《大行報告》裏昂下調越秀地產(00123.HK)目標價至9.8元 評級「買入」
阿思達克 03-11 15:09
裏昂維持越秀地產(00123.HK)評級爲「買入」,目標價由10.21元降至9.8元,反映調整後今年每股盈利預測市盈率5.7倍,較五年平均市盈率低0.5個標準差。 由於集團於2021財年再一次有穩定盈利,該行相信,雖然經營環境具挑戰,相信集團憑獨特的公共運輸導向型開發的商業模式,以及其國有企業地位,有助集團未來繼續有優異表現。該行指,受惠於其健康資產負債表和較低的融資成本,集團能以更低成本獲取較好位置的土地儲備,預測其毛利率維持於目前21至22%水平。 該行表示,受惠於房地產銷售按年增24.6%,以及於越秀金融大廈的處置收益爲12億元,其去年核心利潤爲41.5億元,按年增長3.2%,惟被較低的盈利能力抵銷,全年核心利潤股息支付率維持於40%,而每股股息爲0.654元,按年上升9%。(ca/a) ~
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