《大行報告》花旗下調融創中國(01918.HK)目標價至32.2元 評級「買入」
花旗發表研究報告指,融創中國(01918.HK)上半年業績表現符合預期,核心盈利按年增長1%,財務成本有所下降,負債率由去年底的96%降至86.6%,目標明年內降至「綠檔」。
該行指出,融創採取更穩健的戰略目標,計劃在3年內將財務成本降至5%以下,信用評級目標達到投資級,並計劃通過放慢土地儲備補充及併購步伐來控制總債務規模。面對具挑戰的下半年市況,融創採用「地產+」策略,注重文旅運營,著眼於長遠發展,優先考慮改善債務結構及成本,而不是規模。
花旗重申對融創的「買入」評級,因應近期市場受政策調整影響,將目標價由51元下調至32.2元,相信下半年可售資源達6,680億元人民幣,可支持公司達成全年銷售目標7,000億元人民幣。
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