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《大行報告》富瑞下調潤地(01109.HK)目標價至45元 重新定位迎合新市場格局
阿思達克 09-06 14:55
富瑞發表報告指,華潤置地(01109.HK)正重新定位迎合新市場格局,其上半年核心盈利113億元人民幣,按年升11%,併購收益抵銷交付量放緩及庫存減值的影響,而放寬一線城市按揭成數比例,將對潤地有利,因為公司在一線城市有龐大業務敞口,另投資項目租金收入增長亦紓緩發展項目的毛利率壓力。 該行將潤地2023至2025財年各年盈測下調介乎3%至4%,目標價由47.76元下調至45元,維持「買入」評級,仍然偏好潤地在一、二線城市有較大業務敞口,預料當局的穩定樓市措施可推動需求,將會帶動銷售額提升,而內地推進房地產信託基金(C-Reits),亦是釋放資產價值的催化劑。
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