《大行报告》花旗料融创(01918.HK)中期盈利强劲属行业价值首选股
花旗发表的报告指,融创中国(01918.HK)为行业价值首选股,予目标价60元,评级「买入」。该行认为,今年上半年公司表现强劲,认为是过去努力後进入收成阶段,并将2017/18年强劲的销售增长转化为盈利,加上预期公司7月有机会发盈喜,料上半年盈利将按年增30%或以上,考虑到公司有达5,800亿元人民币(下同)的未入帐销售,或将带动市场调升其盈利预测。由於公司有大部分项目在下半年推出,料销售势头自6月起将加强。
该行指出,融创有逾六成半可售资源将在下半年推出,估算达6,000亿元,管理层有信心6月销售逾500亿元,并带动上半年销售提升至逾2,100亿元,相当於按年增长逾11%,并完成目标的40%。花旗预期,销售势头在下半年可逐步加强,而稳定的毛利率将为盈利增长提供支撑,因为截至2018年底未入帐销售达5,800亿元,相关毛利率达25%或以上,净利润率则达12%。
花旗认为,融创去杠杆持续,报告引述管理层称,伴随着谨慎的投资,公司去杠杆势头将持续,即使首五月公司较积极补充土储,但43%所获的土地均是以底价获得,并坐落核心一、二线城市。公司核心焦点仍在地产方面,并将积极改善文化、旅游及服务方面的盈利能力及经营,冀可转化成增长引擎。
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