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《大行報告》花旗上調新城發展(01030.HK)目標價至11.6元 評級「買入」
阿思達克 09-02 11:09
花旗發表的研究報告指,新城發展(01030.HK)上半年業績強勁,認為有較高的可見性可達到2021-23年盈利年複合增長12%目標,主要因為公司收購充裕的土地,估計以每平方米3,400元人民幣(下同)計算,相關資源值逾2,000億元,相信可支持公司今年銷售增長4%的目標,另外今年公司有30個新商場,料租賃業務將增長56%。此外該行料2021財年完工面積將增30%,估計有3,770億元銷售未入賬,而公司資產負債表亦較強,融資成本有進一步向下的空間。該行維持對其「買入」評級,目標價由11.5港元升至11.6港元。 該行指出,公司上半年核心淨利按年增長63%至26.6億元,期內收入增長111%,不過毛利率由去年同期的23.1%降至17.6%,淨利潤率則由去年同期的4.3%收窄至3.3%,在淨負債方面公司處於「黃檔」,淨負債比率65.2%,而去年底則為50.7%。
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