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《大行》瑞銀升中海外(00688.HK)目標價至15元 評級「中性」
阿思達克 06-30 14:46
瑞銀研究報告,考慮中國海外(00688.HK)推出零售物業CREIT,將其目標價從12.5元上調至15元,評級「中性」。有關目標價基於2026年預期市盈率10.7倍(之前為8.5倍),反映CREIT剝離釋放的價值及新增融資渠道,而該渠道尚未反映在盈利中。 報告提及,中海外宣布將剝離其佛山購物中心作為CREIT一部分,預計將籌集13.6億元人民幣(下同)。中海外將認購20%的股份。瑞銀指,中海外目前以2026年預期市淨率0.35倍交易,認為資產剝離成CREIT將有助於提升中海外的估值。假設現金按照1倍市淨率估值,因其不同於流動性較差的資產(如開發中物業,可能因庫存未售出而被折價),瑞銀估計淨收益約為11億元(13.6億元×80%),有望推升中海外市值約0.5%。 瑞銀表示,中國海外發展2025至2027年預期盈利維持不變,預計2025年上半年核心盈利將因2024年同期利潤率基數較高而按年下降。該行維持中國海外發展2025至2026年盈利預測,假設合約銷售和淨利潤持平,毛利率為16%。
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