《大行》花旗升華潤置地(01109.HK)目標價至39.62元 維持「買入」評級
花旗發表報和告指,華潤置地(01109.HK)利用其資產管理平台,目標通過長期「3+1」策略實現穩定收益。公司發展物業銷售保持前三,規模穩定,預計2025年新銷售利潤率將改善;土地收購聚焦核心城市。公司投資物業業務目標成為行業第一,實現自然增長,並計劃在2025-2027年間每年新增6個購物中心;專注於營運及資產輕型業務。同時計劃每年通過公司商業REITs回收50-100億元人民幣的購物中心資產。
報告指,公司上半年業績符合預期,核心利潤下降7%至100億元人民幣,主因期內沒有REIT上市收益,及資本化利息減少。另外,公司設立了市場價值管理委員會,由總裁擔任主席。憑藉2.79%的融資成本、61%的利潤來自經常性業務以及吸引的估值,維持「買入」評級。目標價由32.8港元升至39.62港元。
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