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《大行報告》大摩引述融創(01918.HK)管理層指上調全年銷售目標至7,000億人幣 重申「增持」看50.52元
阿思達克 06-01 13:00
摩根士丹利發表研究報告,指出席了融創中國(01918.HK)5月27日在成都舉行的股東周年大會,指公司今年首四個月活躍併購土儲,但會控制買地開支不多於以季度計可歸屬合約銷售收益的40%;融創並上調今年銷售目標,由6,400億元人民幣增至7,000億元人民幣;並重申文化及旅遊屬長期戰略。大摩予融創「增持」評級,目標價50.52元。

報告表示,首四個月融創收購83個項目,買地涉額1,010億元人民幣(可歸屬530億元人民幣),相當於首四個月合約銷售的58%。新收購項目平均淨利潤率逾7%,同時杭州的項目,淨利潤率介乎4%至5%。融創收購了杭州4個項目,以及重慶8個項目,報告指杭州銷售正加快,而重慶在相對低水平下房價增速加快。

即使在活躍併購土儲下,大摩指融創將嚴守人行要求,將控制買地開支不多於以季度計可歸屬合約銷售收益的40%。管理層相信在中央化土地供應政策下,土地市場將逐步降溫;即使在4至6月期間土地市場仍很熾熱,主因項目具質素及位處良好地段。

此外,首四個月融創合約銷售1,710億元人民幣,在低基數下按年升62%,管理層上調全年銷售目標,受惠內地房市熾熱及高去化率,以及高達1萬億元人民幣的可售資源。報告引述管理層稱,文化及旅遊投資屬長期戰略,有助公司以較低成本取得一些較大型項目。

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