《大行報告》花旗微升融信中國(03301.HK)目標價至5.65元 評級「中性」
花旗發表研究報告指,融信中國(03301.HK)繼續深化提升長江三角洲滲透率的策略,去年75%銷售位於當地,而土儲則佔約67%,而當地周轉相對較快,回款率亦較高,而公司在高質素產品方面的優勢亦有利去化率較高。不過由於公司可售資源僅2,300億元人民幣(下同),銷售前景乏力,而今年公司銷售目標為1,600億元,僅按年增3%。雖然管理層預期今年將有600億元收入入帳,惟盈利增長仍受未入帳銷售毛利率較低拖累,期待管理層中、長期策略會否使盈利增長步伐有所改善。正面來看該行認為主席增持加上估值相對便宜,維持「中性」評級,目標價由5.6港元微升至5.65港元。
該行指出公司資產負債表健康,在土地收購步伐上亦理想,在「三道紅線」的政策下亦轉至「綠檔」,目標今年維持相關水平。管理層將焦點放在維持健康的資產負債表,並期望進一步降低融資成本,今年購地預算將嚴格限制在銷售的30%至50%左右,目標今年收購284億元的土地,估計毛利率將在2022年見底,而新銷售的毛利率料20%左右。
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