《大行》里昂維持越秀地產(00123.HK)「跑贏大市」評級 目標價升至5.1元
里昂發表研究報告指,雖然現時內地樓市仍然未見起色,樓價停滯不前,或導致越秀地產(00123.HK)利潤率受壓,令今年盈利持續下跌,但憧憬明年起銷售將逐步回穩,可推動盈利回升,因此仍維持其「跑贏大市」評級。
里昂指出,越秀地產近日獲批准發行96億元人民幣的公司債券,子公司亦獲授14.5億港元定期貸款,反映其作為國資內房開發商,仍具有融資優勢,基於其銷售表現強韌、融資渠道暢通及土儲持續改善,將目標價從4.2元上調至5.1元,對應2025年預測市盈率約14倍。該行目前預測越秀地產中期核心盈利將下跌20%,全年跌幅料收窄,並於明年恢復增長,將今明兩年盈利預測下調62%及65%,以反映利潤率受壓。
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