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大和:維持越秀地產(0123.HK)“買入“評級 目標價2.1港元
格隆匯 12-02 16:28

大和發表研究報告稱,上週參觀了越秀地產(00123.HK)3個與廣州地鐵合作的房地產項目,其中品秀星圖於去年12月開始預售,至今取得合約銷售額逾30億元人民幣,而其餘兩個項目剛剛推出,估計今年對銷售的貢獻約20億元人民幣。由於土地成本低,預計平均毛利率超過30%。

該行稱,集團正是實現“鐵路+物業”的策略,廣州地鐵計劃在2023年之前發展33個新地鐵站,而集團的目標是於未來幾年,每年取得多於100萬平方米的地鐵項目,故相信其“鐵路+物業”業務策略長遠會帶來持續的合同銷售和收入增長。

該行提到,集團今年首10個月的合約銷售額同比增兩成至525億元人民幣,達到全年目標680億元人民幣的77%,雖然完成率較低,但11至12月會有約300億元人民幣的可售資源,相信期內有潛力達到170億元人民幣的銷售。至於明年,集團的目標是合約銷售額達至少800億元人民幣,併力爭達到1000億元人民幣。該行維持對其“買入"評級,目標價2.1港元。

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