《大行報告》瑞信上調綠城管理控股(09979.HK)目標價至8.04元 評級「跑贏大市」
瑞信發表研究報告,預計綠城管理控股(09979.HK)2021的淨利潤將按年增長 33%至5.7億元人民幣,鑑於合營項目的收入貢獻增加以及政府項目的毛利率下降,整體毛利率將溫和下降至46%。該行相信綠城管理將繼續利用其在項目管理方面的專業知識,在項目採購方面獲得更多上行潛力,將其目標價由6.82元上調至8.04元,維持「跑贏大市」評級。
人民銀行、中國銀保監會昨日發布《關於保障性租賃住房有關貸款不納入房地產貸款集中度管理的通知》,明確保障性租賃住房項目有關貸款不納入房地產貸款集中度管理,鼓勵銀行業金融機構加大對保障性租賃住房發展的支持力度。瑞信認為,綠城管理將受益於政府資助房屋的開發,綠城管理憑藉在國內市場建立的競爭優勢,擴大了地域覆蓋,非浙江地區佔其政府項目新簽約費用收入的50%。該行將其2021年至2023年盈利預測上調2%至6%。
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