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《大行報告》星展下調龍湖(00960.HK)目標價至27.82元 評級「買入」屬行業首選
阿思達克 07-25 14:38
星展發表研究報告指出,龍湖(00960.HK)財務管理謹慎,是行業動盪中唯一獲得境外三大評級機構投資評級的民營企業。公司來自購物中心、租賃住房和物管業務的經常性收入快速增長,增加盈利表現的韌性(約佔去年盈利的27%)。公司近年的核心股本回報率持續高於同業。 該行指出,龍湖去年預售按年跌31%,預售毛利率亦跌約15%,或將影響今年的開發盈利。然而,公司的購物中心租金收入毛利較高,且物管業務增長穩健,抵銷了房地產開發的缺口。該行料公司今年的整體毛利率將維持在21%以上,並隨著開發毛利率觸底而逐漸反彈,預期經常性業務的貢獻更高。 此外,該行將龍湖今明兩年的盈利預測調整2%至3%,以反映其預售疲弱的預期,目標價由29.51元下調至27.82元。另認為近期公司股價波動或是不錯的切入點,維持對其「買入」評級,屬行業首選。
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