《大行報告》大和降越秀地產(00123.HK)目標價至10.2元 評級「買入」
大和發表研究報告,重申對越秀地產(00123.HK)的「買入」評級,公司合同銷售表現優於同業,認爲其在大灣區市場擁有領先地位,並在交通導向型發展(TOD)項目方面具獨特優勢。
越秀地產去年合同銷售表現優異,成爲少數可實現全年目標的房企之一,該行預期趨勢今年將可延續,預計越秀地產2022年合同銷售額將增長6%至1,220億元人民幣。
雖然自去年下半年起內房行業信貸環境緊張,但越秀地產2021年積極補充土地儲備,總地價涉及894億元人民幣,佔全年合同銷售總額78%,新增總建築面積820萬平方米。
該行認爲,越秀地產具防禦性,更能成爲行業流動性緊縮的潛在受惠者,可得到更多併購機會。但大和將公司2021至2023年每股盈利預估下調6%至10%,對毛利率前景看法較謹慎,目標價下調至10.2元,維持資產淨值折讓目標35%不變。
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