花旗:微升龍光(3380.HK)目標價至16.92港元 評級“買入”
花旗發表報告,把龍光地產(3380.HK)
目標價由16.9港元輕微上調至16.92港元,維持“
買入
”評級,認為公司派息率高(40%)及估值吸引。
報告引述公司的第六個及第七個五年計劃,預期2025年及2030年應占銷售金額分別為3,000億及5,000億元人民幣,2020至2025年間市區重建將為業務增長來源,估計該部分佔整體盈利兩成,每年供應最少300億元人民幣銷售資源,總銷售資源4,000億元人民幣。
報告引述管理層指,透過來自市區重建的土地成本優勢,更高淨經營溢利的項目將會成為2025年至2030年業績增長之長期推動力。公司亦重申在近期股份回購下無配股計劃。
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