花旗环球:给予中国海外发展(00688.HK)“增持”评级 目标价33.76港元

2018-11-19 18:01:13 来源: 同花顺财经

  花旗环球11月18日发布公告。Our target price for COLI of HK$33.76 is set at a FY18E PER of 10x, the average for global homebuilders. Catalyzed by mega consolidation in the sector, more listed property names have transformed their business models into “homebuilders” (DP focus with fast turnover and light assets, stable ROE and high payouts), with more growth visibility against the market cycle. For these property names, we see a valuation approach based on P/E multiples as appropriate. Our 10x target multiple represents a 15% premium to the historical mean of 8.7x for China property names, which we believe to be justified by COLI’s brisk earnings growth profile.

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