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大摩:首予绿城中国(03900)“增持”评级 目标价11.19港元

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大摩发布报告称,首予绿城中国(03900)“增持”评级,目标价11.19港元,相当于预测今年底每股资产净值(NAV)折让40%,目前估值吸引。该行喜好公司,因为其盈利增长前景高于同业;拥有高质量土储;楼宇质量优良;代建业务将成第二个增长动力;流动性风险低。

该行估计,今年至2025年间,绿城中国核心纯利的复合年增长率达到12%,是该行覆盖的主要发展商中最高增速,主要受惠成本控制及项目管理业务快速增长,预计三年期间的股本回报率11%至13%,股息率料达7%至9%。

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