$融创中国(01918)$著名反指花旗？
[大行评级]花旗：上调融创(01918.HK)目标价至48.08港元 维持“买入”
花旗发表报告称，将融创中国(01918.HK)的目标价调高17.84%至48.08港元，维持“买入”的投资评级。花旗称，融创拥有大量土储，相信可以达至全年销售目标4500亿元人民币(下同)，加上有关乐视投资的不明朗因素，以及为此作出165亿港元拨备已转移。...网页链接
| 发布于: | 雪球 | 转发：0 | 回复：1 | 喜欢：0 |
$融创中国(01918)$著名反指花旗？
花旗发表报告称，将融创中国(01918.HK)的目标价调高17.84%至48.08港元，维持“买入”的投资评级。花旗称，融创拥有大量土储，相信可以达至全年销售目标4500亿元人民币(下同)，加上有关乐视投资的不明朗因素，以及为此作出165亿港元拨备已转移。...网页链接
■ FY17 core earnings came in at Rmb2.9bn, beating our estimate. We disagree with
management's claimed core profit of Rmb11bn, which included a huge one-off gain.
■ We think its 24% sales growth target of Rmb450bn for FY18 should be achievable.
■ Sunac's net gearing of 257% in FY17 was the highest among its peers; it will be more
vulnerable to rising interest rate ahead.
■ Made a total provision of Rmb16bn for its less-than-a-year investment in Leshi.
■ We reiterate our Reduce rating, with a higher TP of HK$22.4. It trades at expensive
valuation of 8% premium to NAV and 12x CY18F P/E.