You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
建發國際集團(1908.HK)建發國際:多元融資渠道順暢,低成本擴充優質土地,給予“買入”評級,目標價10.28 港元
格隆匯 12-18 08:43

機構:太平洋證券

評級:買入

目標價:10.28 港元 

銷售規模快速擴張,業績增長亮眼。建發國際 7-9 月共三個月合共實現合同銷售金額144.24 億元, 2019年前三季度累計實現合同銷售 312.73 億元,同比增長 153.82%,上半年累計實現合同銷售 168.49 億元,同比增長 120%,呈跨越式增長。公司提出 2019 年銷售目標達到 500 億,前三季度已達成 62.55%,有望達成年度目標。

第三季度實現合同銷售面積 74.34 萬平方米,前三季度公司累計銷售面積171.24 萬平方米,同比增長 105.5%。銷售均價方面,公司第三季度銷售均價為19403 元/平方米,前三季度累計銷售均價 18263 元/平方米,上半年累計銷售均價17388 元/平方米,今年以來銷售均價逐步上升。低成本積極擴充二線優質土地 拿地權益比例穩中有升。建發國際11月拿地1 宗,為漳州市龍文區 2019P12 地塊。2019 年 1-11 月來,建發國際共得土地30宗,計容建面 515.1 萬平方米,同比上升 52.8%;拿地總成本363.1 億元,同比下降 3.1%;平均拿地成本為 7049 元/平方米,同比下降 36.6%。從地區佈局來看,建發國際拿地傾向於長三角,華中與福建地區,城市能級上主要集中於二線或強二線城市。公司以低成本積極擴充二線優質土地資產,預計能保證未來廣闊的發展空間與居高的利潤率。另外,建發國際2019年1-11月拿地權益比例為 74.7%,相比2018 年提高了9 個百分點,在行業中處於較高水平;項目合作模式以操盤且並表為主,未來銷售權益比例的增長有很大潛力。

國企背景下多元融資渠道順暢,安全性強。截止 2019 年上半年,建發國際資產負債率86.7%,權益乘數7.55,負債率處於行業合理水平。融資方面,依靠國企背景助力,融資渠道順暢,融資成本維持低位。上半年 4 月,按配售價每股9.00 港元發行5500 萬股,融資成本較低,所得款項淨額 4.83 億港元。配售後,建發房地產集團有限公司持建發國際集團股份由 65.67%降至 61.1%。籌資主要用作向金融機構歸還貸款、擴大土地儲備及一般營運資金用途。建發國際償債能力較好,公司流動比率188%,安全性無需擔憂。同時建發國際快速發展過程中,控股股東建發房產在融資方面給與了充分支持,助力公司融資成本維持低位。融資成本的優勢,使得企業對優質地塊的選擇上,更具主動權。資本優勢轉化為拿地優勢,從而促進公司城市佈局更加優化。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account