汇丰:上调世茂(0813.HK)目标价至27.6港元 升评级至“买入”
汇丰发表报告称,世茂房地产(00813.HK)今年中期业绩数据较同行优胜,核心盈利同比增长21%,毛利率上升至30.1%,同时净负债率基本持平,净负债水平为60%。该行将其目标价上调15%,由原来23.9港元升至27.6港元,评级由“中性”调高至“买入”,认为公司正准备卷土重来。

该行指出,公司自四月股价调整后,现时估值吸引。最近营运数据显示,公司具有持续增长动力,管理层重申长远有意分拆酒店、物业管理业务上市,令世茂将成为今个周期的赢家。世茂上半年在土地市场很积极,相信积极补充土地储备将有助于明年增长。
该行表示,世茂首7个月完成全年销售目标57%,同比增长42%,下半年可销售货值3000亿元人民币。管理层预计9月可销售货值将进一步提升,预期第四季销售甚至高于第三季,因此该行将全年销售额预测上调5%至2230亿元人民币,比公司目标高出6%。
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