《大行報告》大摩首予綠城中國(03900.HK)「增持」評級 目標價11.19元
摩根士丹利發表報告指,喜好綠城中國(03900.HK),因為其盈利增長前景高於同業;擁有高質素土儲;樓宇質素優良;代建業務將成第二個增長動力;流動性風險低。
大摩首予綠城「增持」評級,目標價11.19元,相當於預測今年底每股資產淨值(NAV)折讓40%,目前估值吸引,相當於預測明年市盈率3.9倍,低於H股國營房企平均的5.8倍。
該行估計今年至2025年間,綠城核心純利的複合年增長率達到12%,是該行覆蓋的主要發展商中最高增速,主要受惠成本控制及項目管理業務快速增長,預計三年期間的股本回報率介乎11%至13%,股息率料介乎7%至9%。
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