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《大行報告》招銀國際微降綠城管理(09979.HK)目標價至9.37元 業績符預期
阿思達克 03-25 14:19
招銀國際發表報告指,綠城管理(09979.HK)去年業績符合市場預期,去年純利按年增長31%,連續兩年派發特別股息,維持派息比率於100%,股息率8%,公司有能力及時進行重整,所以在內地樓市放緩下,仍然保持強勁表現,因此值得估值溢價,維持其「買入」評級,偏好其輕資產模式、高現金流及高股息回報,目標價由9.67元略為下調至9.37元,相當於預測今年市盈率13倍。 公司指引未來三年收入複合年增長率超過20%,純利複合年增長率則超過25%,跑贏大部分同業,該行認為公司有能力達到目標,收入複合年增長率逾20%即在2024年至2026年收入合共約150億元人民幣,而公司現時合約價值250億元人民幣,當中未計及每年增加約100億元人民幣。派息比率指引為80%。
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