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《大行報告》建銀國際首予保利置業(00119.HK)「跑贏大市」評級 目標價2.5元
建銀國際發表報告指出,保利置業(00119.HK)為中國保利集團及保利發展(600048.SH)旗下在香港上市的房地產子公司,專注於內地約30個一線城市及海外市場。截至6月底,土儲總面積達1,840萬方尺,當中26%位於長三角地區,22%位於大灣區。該行料其淨可售資源約2,750億元人民幣,足夠其覆蓋三至四年的合同銷售。 此外,該行基於保利置業的合同銷售增長,預期公司2022至2025財年的盈利增長預測約7%,認為公司25%左右的毛利率還有進一步正常化空間,儘管減稅將稍為抵銷有關影響。公司的淨負債率有明顯改善,由2022年的115.9%降至今年上半年的97.3%,相信隨著其股本基礎的加強,2025年將進一步改善至約80%。 該行認為,保利置業新管理團隊於2021年上任後,公司策略更為一致。至於2021年以來的市場低迷,加上2023年以來的市場整合,令保利置業變得抵買。該行首予其「跑贏大市」評級,目標價2.5元。
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