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《大行報告》花旗升綠城管理(09979.HK)目標價至8元 營運現金流穩健支持股東回報
花旗發表研究報告指,綠城管理(09979.HK)設立了新的三年目標,即2024至26年收入複合年增長率20%、利潤複合年增長率25%及派息率80%以上。 該行指出,這些支持股東回報的目標是建基於已鎖定但尚未執行合約涉及超過250億人民幣,假設淨利率為25%,這些或於未來幾年轉化為約62.5億元人民幣的潛在利潤,而且集團每年新簽合約逾100億元人民幣。另外,政府項目、金融機構和地方政府融資平台可以支持公司約7成的收入,而且其項目管理定價相對穩定。 該行基於集團市場份額佔逾20%,加上擁有強勁的現金流、且有強勁的增長和具吸引力的估值,予「買入」評級,目標價由7.3元上調至8元。
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