《大行報告》大摩微升龍湖(00960.HK)目標價至31.1元 評級「增持」
摩根士丹利發表報告指,龍湖(00960.HK)去年業績表現符合預期,其盈利持平及以其資產負債表如常地表現強勁。公司管理層提出合同銷售增長正面指引,優於市場原先預期。
該行指,由於龍湖相對地較低的土地成本,即使去年未計及資產減值撥備,但管理層見到今年利潤率的壓力有限;同時,公司計劃對購買新土地維持嚴謹看法,要求在18個月內,將其毛利率提高至20%以上,以及其現金流轉正。
大摩相信,龍湖將繼續在銷售和租金增長方面表現優於大市,儘管管理層重申並不急於進行交易,但其物業管理部門的潛在分拆或會成為中期催化劑;該行將公司今年及明年每股盈測分別上調4%及7%,同時將龍湖目標價由31元微升至31.1元,維持「增持」評級。(ca/w)
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