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《大行報告》富瑞微升龍湖(00960.HK)目標價至52.68元 評級「買入」
阿思達克 03-28 11:40
富瑞表示,龍湖(00960.HK)去年業績強勁,派息比率穩定及資產負債表穩定。儘管市場疲弱,管理層目標今年銷售增長正面,及盈利增長達雙位數,因此將其目標價由52.51元輕微上調至52.68元,基於集團擁有優質的土地儲備,繼續成為該行首選,評級維持「買入」。 龍湖今年的預售目標為3,000億元人民幣,按年增長3%。該行認為該目標進取,但鑑於其良好的品牌和產品質量,相信該公司將從私營同行獲得的市場份額中受益,預計其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。 富瑞預計,龍湖強勁的項目將令其租金收入在中期內維持超過20%的增長,這將進一步擴大租金收入佔比至高雙位數。該行預計,龍湖2022-2023財年的盈利增長將放緩至10%或高單位數。
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