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野村:降中海外(0688.HK)目標價至34.2港元 維持買入評級
格隆匯 03-27 14:47

野村發表研究報告認為,市場過度憂慮中國海外發展(0688.HK)近年收入增長放緩,相較過去1至2年,管理層對銷售增長、土地投資和盈利入帳的態度已更加進取,相信中海外將成為需求反彈的主要受惠者,估計今年上半年銷售可錄得超預期的增幅,一旦收入明顯上升,相信公司可獲重估,維持行業首選股及“買入”評級,惟下調目標價11%,由38.4港元降至34.2港元,以反映新冠狀病毒令行業需求存在不確定性。

野村指,中海外有信心今年可實現4000億元(人民幣.下同)的銷售目標,原因是地方政府潛在的政策寬鬆及可售資源達6800億元。公司仍看好房地產業務,今年買地預算料增23%至1400億元。

該行續指,中海外去年未入帳銷售按年升40%至2750億元,其中約60-70%會在今年內入帳;另外,今年建築面積目標為1900萬平方米,料亦會為收入提供支持。野村估計,公司2020-2022年每股盈利年複合增長率達18%、毛利率料介乎31%-33%。

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