野村:升世茂房地產(0813.HK)目標價至37港元 對今年業績指引樂觀
野村發表研究報告指,儘管市場存在不確定性,但由於世茂房地產(0813.HK)去年業績符合預期,對公司今年業績指引相當樂觀。在土地儲備充裕及多元的土地收併購渠道下,相信公司在銷售及盈利均較同業具持續性增長;而分拆物管業務上市後派發特別息將成公司今年重要的催化劑,維持“買入”評級,將目標價由33.1港元升至37港元。
野村對世房今年銷售按年增長15%的目標看法樂觀,主因其可售資源按年升25%至5000億元人民幣,加上其目標並未包括新收購的公司福晟的銷售貢獻及今年首季新購入的土地,估計世房今年銷售增長有望達25%。此外,城市更新項目料成為公司新增長引擎,估計2020-2022年每年可貢獻可售資源逾1000億元人民幣。
野村又預期,世房明年經常性收入或達150元人民幣,而管理層亦重申對物管及酒店資產分拆計劃不變,並計劃分拆後派發特別息。該行估計,物管今年純利為6.5億元人民幣,市值料達220億港元,為世房現時市值的25%。

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