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《大行》瑞銀升嘉里建設(00683.HK)目標價至24元 維持「買入」評級
阿思達克 08-15 10:55
瑞銀髮表研究報告指,相信中國私募房地產投資信託基金市場的發展可爲嘉里建設(00683.HK)等香港發展商提供資金回收的新渠道。在嘉里建設下半年潛在出售「金陵華庭」(Jinling Residences)二期後,投資者關注其未來的催化因素。 該行認爲,私募房地產投資信託基金是資產回收的催化劑,因爲嘉里逾40%的資產價值與內地投資物業有關。該行估計,其68%的內地投資物業符合私募房地產投資信託基金的要求。以嘉里目前0.29倍市盈率及4.8%至7%的保守內地投資物業市值率計算,相信資產剝離應可令其股價上升。 該行預期,嘉里上半年盈利將低於10億元,預計其綜合香港發展物業利潤率爲15%,與去年相若。至於投資物業,該行預計集團在香港及內地租金收入將錄得中個位數跌幅。該行下調集團今明兩年的盈測25%至27%,以反映最新的開發項目完成時間表、較低的利潤率預測及較低的利息資本化,但將集團目標價由21.4元上調至24元,維持「買入」評級。
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