《大行》中金上調對綠城管理(09979.HK)投資評級至「跑贏行業」 經營性現金流改善
中金上調對綠城管理(09979.HK)投資評級至「跑贏行業」,目標價維持3.2元。該行指,綠城管理上半年在前端經營趨勢出現積極變化,新拓展金額按年增長19%,對應每平米代建費251元人民幣,按年升5%;上半年經營性現金流淨額按年增長45%;以及今年首七個月整體代建銷售增速跑贏全國十大房企14個百分點。
該行認為有關變化可望為綠城管理未來經營提供支持,又指當前股價已較大程度反映負面因素。隨著前端拓展和銷售逐步轉化,公司未來兩年經營業績或觸底企穩。基於經營性現金流好轉,疊加積極派息取態(2025年預測股息率9.5厘),認為估值有一定支持。
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