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《大行報告》德銀上調潤地(01109.HK)目標價至42.7元 評級「買入」
阿思達克 04-04 11:10
德銀表示,華潤置地(01109.HK)去年業績符合預期,不過發展物業業務毛利率略低於預期,但該行認爲隨着房地產市場終於開始萌芽,價格可能趨於穩定,發展物業毛利率可能會於2022年在約20%觸底。由於過去九個月房地產市場低迷,預計華潤置地在2022年僅實現5%的淨利潤增長,但相信可以從2023年開始恢復高增長。該行將潤地目標價由42上調至42.7元,維持「買入」評級。 潤地管理層的目標是通過成本節約措施和新的土地儲備,在2022年之後將發展物業毛利率提高到23%的水平,租金收入增長前景看起來也很穩定,雖然速度較期慢,2022-2024年的複合年增長率爲18%,而該預之前的預測爲20%以上。 管理層已排除企業併購,並認爲公共土地市場提供更好的土地儲備回報機會。德銀認爲,這可能會緩解投資者之前的擔憂,即華潤置地可能面臨來自中央政府的壓力,要求其收購負債累累的房企,認爲華潤置地識別增值項目的前景仍然樂觀,但考慮到複雜的盡職調查過程,併購時間表具不確定性。
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