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《大行報告》匯豐研究首予建發國際集團(01908.HK)「買入」評級 目標價25.9元
阿思達克 10-05 10:25
匯豐研究發表報告,首次覆蓋建發國際集團(01908.HK),認為公司在福建及長江三角洲擁有強大業務覆蓋,是正在增長的首十大發展商之一,吸納土儲的策略具有智慧、行業整合加快,增長故事具說服力,給予「買入」評級,目標價25.9元。 報告指,形容建發國際是「滄海遺珠」(hidden gem),母公司是國有企業,能夠提供資金支持。與其他面對壓力的發展商不同,該公司大部分土儲在2021年後吸納,具價格競爭力,而且位於一線城市,需求強勁,今年首九個月銷售打進第八位,相信股價的主要催化劑是銷售保持領先、積極主動的土儲節奏、以及盈利增長出現驚喜。 公司首九個月合約銷售按年升32%,該行估計在2022至2025年期間,合約銷售的複合年增長率達12%。核心盈利的複合年增長率15%,跑贏大部分該行覆蓋的國有內房商。
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