研報掘金丨浙商證券:首予綠景中國地產“增持”評級 認為公司應當享有估值溢價
浙商證券研報指出,首予綠景中國地產(0095.HK)“增持”評級,綜合考慮其財務安全性、土儲質量、品牌力,預計其2023年仍然虧損,歸母淨利潤為-7.13億元,2023年BPS為4.72元/股,仍認為應當享有估值溢價。隨着公司經營情況持續向好,壓制公司估值的風險因素將逐漸化解,當前估值顯著低於行業平均水平。該行認為,公司債務結構清晰,隨着2023年下半年公司白石洲項目、紅樹灣壹號二期等舊改項目陸續走向收成期,預期能夠為集團貢獻持續性的銷售回款,公司的信用“暴雷”風險將逐漸消除,且公司的負債結構及債務成本有望得到改善。此外,8月以來深圳市先後實施認房不認貸、房貸利率下調等多項需求端調整政策,該行認為政策放鬆效果將會逐漸顯現,能夠助力公司銷售保持通暢,公司整體發展潛力值得期待。
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