大和升越秀地产(0123.HK)评级至“买入”目标价上调至2.05港元
大和发表研究报告指,越秀地产(00123.HK)上半年收入按年升114%,核心盈利(当中包括合营重估收益)升63%,中期息0.047元人民币,按年升31%。
该行指,上半年物业发展收入增加,带动毛利率升至30%,管理层相信毛利率在未来数年维持在25%-30%。上半年公司合约销售升30%至365亿元人民币,达全年目标的54%,公司有信心可以完成今年目标,并以2020年合约销售1,000亿元人民币为目标。该行提升公司2019-21年合约销售预期8%-10%。

该行又指,2月份时,公司在广州购入其首个「铁路加物业」项目86%股权,得益於与广州地铁战略关系,公司在5月宣布有权从母公司获得另外2个广州地铁物项目51%权益,公司打算於第四季完成有关收购,将令旗下地铁项目楼面增至318万平方米,相当於6月底时集团土储约15%。管理层目标在未来数年间每年获取100万平方米地铁物业项目。
大和相信相关策略见效,致上半年销售和财务表现见改善。该行调升公司2019-21年收入预期12%-19%,每股盈利预期调升1%-5%,目标价由1.94港元升至2.05港元,评级由“跑赢大市”升至“买入”。
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