《大行》美銀證券升建發國際(01908.HK)目標價至21元 重申「買入」
美銀證券研究報告指,建發國際集團(01908.HK)年初至今股價已累升24%,為內房行業表現最好的股份,因投資者偏好其合同銷售及盈利前景較明確。該行對其目標價由原先19.5元上調8%至21元,因預期公司最近收購所得的項目可帶來可觀回報,推動2027年的盈利;重申「買入」評級。
報告指,公司6月初斥123億元人民幣,以私人談判形式收購了上海兩個項目,相較於公開招標可產生更好的利潤。據估算,兩個住宅項目可為股東帶來30億元人民幣的淨利潤,預期楊浦區項目將於今年下半年開始簽約銷售,第一期於2027年入帳。因此,該行將2027年毛利率預測由13%升至13.8%,而項目餘下部分的利潤將撥入2028年,從而提高27年後的盈利前景。
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