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信和置業(00083.HK):防禦性價值凸顯,給予“買入“評級,目標價13.00港元
格隆匯 05-15 15:26

機構:國泰君安

評級:買入

目標價:13.00港元

信和置業於2020財年上半年的核心淨利超出我們的預期。由於獲確認的物業銷售減少,期內收入同比下降31.1%至31.69億港元。核心淨利同比增長14.9%至27.23億港元。截至2019年12月31日,信和置業的淨現金進一步上升至373.29億港元,但公司決定中期每股股息維持在14港仙不變。

信和置業於期內收購兩塊用地,2020年公司計劃開始預售5個新項目,其中2個為豪宅項目,而另外3個針對大眾市場。最值得注意的是,2020財年下半年信和置業沒有新發展物業項目落成,因此我們預計在本財年剩餘時間內物業銷售收入將主要通過去庫存獲得。新型冠狀病毒的爆發預計將在2020財年下半年打擊信和置業的房地產開發、租賃及酒店運營業務。

我們小幅下調目標價至13.00港元,但上調投資評級至“買入”。儘管新型冠狀病毒的爆發將影響公司2020財年下半年投資物業的表現以及發展物業的合約銷售,信和置業強勁的淨現金狀況使其有能力在未來補充土地儲備及派息。我們小幅下調目標價至13.00港元,我們的目標價相當於較23.6港元的2020財年每股估值有45%的折讓。我們的目標價相當於19.6倍/7.7倍/9.7倍2020/2021/2022財年核心市盈率和0.62倍/0.57倍/0.54倍2020/2021/2022財年的市淨率。

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