《大行報告》花旗料融創(01918.HK)中期盈利強勁屬行業價值首選股
花旗發表的報告指,融創中國(01918.HK)為行業價值首選股,予目標價60元,評級「買入」。該行認為,今年上半年公司表現強勁,認為是過去努力後進入收成階段,並將2017/18年強勁的銷售增長轉化為盈利,加上預期公司7月有機會發盈喜,料上半年盈利將按年增30%或以上,考慮到公司有達5,800億元人民幣(下同)的未入帳銷售,或將帶動市場調升其盈利預測。由於公司有大部分項目在下半年推出,料銷售勢頭自6月起將加強。
該行指出,融創有逾六成半可售資源將在下半年推出,估算達6,000億元,管理層有信心6月銷售逾500億元,並帶動上半年銷售提升至逾2,100億元,相當於按年增長逾11%,並完成目標的40%。花旗預期,銷售勢頭在下半年可逐步加強,而穩定的毛利率將為盈利增長提供支撐,因為截至2018年底未入帳銷售達5,800億元,相關毛利率達25%或以上,淨利潤率則達12%。
花旗認為,融創去槓桿持續,報告引述管理層稱,伴隨著謹慎的投資,公司去槓桿勢頭將持續,即使首五月公司較積極補充土儲,但43%所獲的土地均是以底價獲得,並坐落核心一、二線城市。公司核心焦點仍在地產方面,並將積極改善文化、旅遊及服務方面的盈利能力及經營,冀可轉化成增長引擎。
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