《大行報告》花旗升龍湖(00960.HK)目標價至12.3元 以穩定盈利規模轉型為經常性盈利模式
花旗上調對龍湖(00960.HK)目標價,由12.1元上調至12.3元,維持「買入」投資評級。該行認為,在派息後仍有35億元人民幣正現金流,以及良好管理的資產負債表,加上更好的經常性盈利組合令龍湖值得更高估值。
報告引述龍湖管理層指,有信心盈利可達100億元人民幣,且當中一半以上來自經常性業務,去年有關比例為60%。管理層稱,有關信心來自經常性業務盈利年複合增長率20%,以及毛利率50%與25%純利率;租務收入年複合增長10%至20%且具10%同店銷售增長與每年新開10間商場;延長債期以減低債務規模及成本;物業發展毛利率已在2022年及2023年改善至20%。
公司亦計劃縮減發展物業規模,但今年仍有1,500萬平方米樓面落成及1,734億元人民幣未入賬銷售;公司亦預期每年減值金額10億至20億元人民幣。
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