《大行報告》美銀證券:潤地(01109.HK)新收購進一步增強一線城市優勢
美銀證券發表研究報告指,華潤置地(01109.HK)以124億元人民幣向華夏幸福基業(600340.SH)收購位於武漢及南京核心區域物業。該行認為,交易價格比估值低14%,具有吸引力,可以為集團產生穩健的發展利潤率。該投資組合包括位於南京和武漢的三個綜合開發項目以及位於深圳的一間物業管理公司。假設整個商業部分被出售,預計總可售價值約為400億元人民幣,淨利潤率逾10%。該行認為這有機會從2023年開始貢獻收入和利潤,交易將進一步增強華潤置地在一線城市的優勢。同時,新增的優質可售資源將更好地支持其銷售增長。
該行對集團具有競爭力的城市定位和投資物業優勢保持樂觀,維持其「買入」評級及目標價48元。(sl/k)
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