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大和:升世房(0813.HK)目標價至29.1港元 有望超出全年銷售目標
格隆匯 10-25 11:39

大和發表研究報告,相信世房(00813.HK)有機會達到全年合同銷售有望達到2,500億元人民幣,能輕鬆地超出其全年2,100億元人民幣的目標,主要是由於9月份有更多的項目推出。公司首三季的合同銷售達1,740億元人民幣,按年增44%,幾乎是該行覆蓋的公司中最高。管理層預期第四季的表現將會更強勁,有機會超越第三季。

據管理層所述,注意到最近在南京、天津及河北等地的房屋政策都有些微調,預料在第四季將會有更多政策調整,因此相信第四季的合同銷售表現將會比第三季更強勁。同時,公司預期今年整個行業的信貸仍會維持緊張。

世房在2020年並沒有債務到期,意味2020年的財務壓力很小。在今年首九個月,公司已在土地併購上動用了約900億元人民幣,約佔全年土地併購預算90%,公司計劃在今年餘下時間採用保守及具選擇性的策略併購土地。公司維持截至今年底,淨負債比率低於60%指引,及平均借貸成本5.6%水平的目標。該行重申公司“買入”投資評級,目標價由原來的27.5港元上調至29.1港元。

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