《大行報告》花旗:華潤置地(01109.HK)斥124億人幣收購武漢及南京物業影響正面
花旗發表報告指,華潤置地(01109.HK)宣布向華夏幸福基業收購位於武漢及南京核心區域物業,作價124元人民幣,認為交易對公司發展有正面影響,預計將獲得210億元人民幣新貨值,項目淨利率可達10%,內部回報率料達15%,相信可令公司2024至2026年利潤增加約4%。
該行指,今次收購有助提升華潤置地在武漢和南京等二線城市的市場地位及投資物業儲備,補充貨源後預料2023年公司銷售額可按年增長3%至2,850億元人民幣,而公司今年排名全國前五位,市場份額亦將提升。
花旗重申華潤置地為行業首選,給予「買入」評級,指出其為行業的整合者,資產負債表有適度擴張空間,亦是當局擴大REIT試點的受惠者,預測2023年租金收入可增長20%以上,推動估值溢價,目標價46.1元,對2022年預測每股資產淨值有約30%折讓。
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