大摩:相信融創(1918.HK)股價15日內將上升 目標價55.72港元
大摩發表的研究報告指,相信融創中國(1918.HK)
股價會在15日內上升,發生的可能性達70%-80%,予“
增持
”評級,目標價55.72港元。
該行指出公司宣佈收購雲南省城市建設投資集團持有的兩家子公司各51%股權,作價152.69億元(人民幣,下同),大摩認為項目可售資源達2,300億元,接近融創現時土儲的15%,當中有七成位於一、二線城市,並計劃於4-5年內出售,另外未來亦鎖定了3,600萬平方米的可建樓面。
該行相信項目具較高的盈利能力,主要因為平均土地成本僅每平方米1,900元,而平均銷售價可達每平方米1萬元,反映潛在淨利潤率可達12%,而內部回報率則為60%。
大摩相信公司完成交易後負債比率將降低,因為其付款條件對公司有利,而2019年銷售貢獻亦可達50億元,料交易完成後公司的淨負債水平應可獲降低。該行認為交易反映公司有很強的併購能力,可為融創帶來競爭優勢,故認為公司為其首選。
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