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最新买入评级

研究员 推荐股票 所属行业 起评日* 起评价* 目标价 目标空间
(相对现价)
20日短线评测 60日中线评测 推荐
理由
发布机构
最高价* 最高涨幅 结果 最高价* 最高涨幅 结果
上海莱士 医药生物 2016-08-22 21.15 7.59 -- 42.96 12.87%
23.87 12.86%
详细
Longfor delivered stronger-than-expected 1H16 rental income of Rmb883 mn (+34% YoY) with an improving GP margin of 74% (+3 pp YoY) amid higher occupancy rate of 96% (+3.6 pp YoY). We expect FY16E rental to reach Rmb2 bn, which would help strengthen its cash flow position and support its dividend growth. Overall, interim result was satisfactory with core profit and EPS up 7.7% and 7.3% YoY to Rmb2.4 bn and Rmb0.41, respectively. Development GP margin gradually improved by 0.8 pp YoY to 25.8% while net gearing remained healthy at 71.3%. Longfor revised up its full-year contracted sales target by 21% to Rmb75 bn given a better sell-through rate of 60% amid increasing saleable resource of Rmb125 bn. With intact pre-sales margin at 26%, we revise our FY16E/17E/18E EPS by +2.2%/+5.9%/+2.6%. We revise up our estimated end-2016E NAV by 10% to HK$22.8 due to better-than-expected margin in both residential and commercial property development. We revise our TP to HK$13.7 (from HK$12.4) based on the same 40% NAV discount but maintain our OUTPERFORM rating.
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*说明:

1、“起评日”指研报发布后的第一个交易日;“起评价”指研报发布当日的开盘价;“最高价”指从起评日开始,评测期内的最高价。
2、以“起评价”为基准,20日内最高价涨幅超过10%,为短线评测成功;60日内最高价涨幅超过20%,为中线评测成功。详细规则>>
3、 1短线成功数排名 1中线成功数排名 1短线成功率排名 1中线成功率排名