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富瑞:上調龍湖(0960.HK)目標價至52.68港元,為內房首選股份
格隆匯 03-28 11:23

富瑞發研報指,龍湖集團(0960.HK)2021年業績表現強勁,核心盈利增長20%,派息穩定,資產負債表穩健。所有業務有序增長,儘管市場疲弱,管理層仍預計今年的銷售錄正增長和盈利錄雙位數增長。該行維持集團為內房首選股份。考慮到其業績和近期的土地儲備,將目標價由52.52港元上調至52.68港元,維持“買入”評級。

該行表示,集團今年的預售目標為3000億元人民幣,並有4700億元人民幣的可售資源。該行相信,集團將從私營同業(尤其是有現金流問題的同行)獲得的市場份額中受益。此外,該行預計,儘管理層對併購仍持謹慎態度,集團強大的執行力和良好的資金渠道將支持其收購優質低成本項目,以重新加速明年的銷售增長。

考慮到疫情可能會影響消費並推遲新商場的開業時間,該行審慎預測2022財年租金增長25%至130億元人民幣,並料集團強勁的管道將在中期內維持超過20%的增長,租金收入貢獻進一步擴大至10%高段。該行又預計集團2022至23財年的盈利增長將放緩至10%/高單位數。

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