《大行報告》瑞信升綠城中國(03900.HK)評級至「中性」 目標價上調至13.05元
瑞信發表研究報告指,內地房地產政策轉爲支持需求,預期綠城中國(03900.HK)受惠今年積極增加土地儲備,在一線城市業務佔比增加,將可受惠於政策環境,支持銷售增長,同時其國企背景亦將爲融資渠道提供支持。
該行指,綠城截至11月底已實現了全年銷售目標,雖然第三季銷情有所放緩,但首十一個月土地收購佔銷售額比例爲約56%,相信有充足可售資源來推動明年銷售額持續增長,即使基數高於同業,估計明年合約銷售額增幅將達8%
由於銷售好過預期,瑞信將綠城2021至2023財年的盈利預測上調1%至6%,並由於現金回籠週期加快,將資產淨值預測上調9%,政策前景改善下資產淨值折讓由60%收窄至50%,目標價由9.56元上調至13.05元,評級由「跑輸大市」上調至「中性」。
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