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第一上海:白石洲項目為盈利增長提供支持 予綠景中國地產(0095.HK)“買入”評級 目標價2.1港元
格隆匯11月29日丨第一上海發佈研報稱,據測算綠景中國地產(0095.HK)開發業務NAV約為231億元。投資物業方面,假設現有運營物業以及在建物業均實現穩定成熟運營,預計增厚估值約為64億元。考慮淨負債之後,公司攤薄後每股NAV為7港元。基於白石洲項目逐期開發、預售以及其他優質舊改項目的逐步轉化,公司的整體規模及盈利水平將迎來飛躍,目標價2.10港元,予“買入”評級。研報指出,截至2022年上半年,公司現有土儲超1600萬方,大部分位於深圳、珠海、香港等一二線城市,支撐公司未來10年的發展。其中白石洲項目計容面積共約358萬平方米,保守預計可貢獻貨值約1500億元。根據施工進展,預計2023年年中可開盤銷售。同時,研報稱公司早前引入萬科注資約23億元,有助於進一步加強公司短期流動性,提升項目安全性。截至2022年中期,公司債務穩步解決,再融資計劃順利推進,白石洲項目銀團已授予207億專項授信,有利於保障白石洲項目的開發與建設。研報指,儘管公司短期業績受舊改項目結轉週期的波動,但考慮到未來隨着白石洲項目的入市,公司的盈利增長將處於一個穩步提升過程。該行預計2022年全年銷售金額有望與去年持平,為公司短期業績提供保障。
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