绿盛世(ECOWLD,8206,主板产业组)35亿销售有望提前达标 订单强劲
(吉隆坡22日讯)绿盛世(ECOWLD,8206,主板产业组)销售订单强劲,有望提前达成全年35亿令吉的销售目标,分析员看好其多元化产品地位、低负债率及良好的周息率,维持1令吉34仙目标价,重申“增持”评级。
负债率低
周息率良好
根据联昌研究报告,绿盛世2023财政年第三季核心净利按年涨45%,至6550万令吉,带动首9个月核心净利增23%,至1亿8400万令吉,大致符合预期,占2023财政年普遍预测的77%。
高盈利主要驱动自高营收、营运盈利(EBITDA)赚幅提高至19%,主要因成本节约和工地进展良好及旗下联营公司绿盛世国际(EWINT,5283,板材产业组)亏损降低。董事部建议派发2仙股息,首9个月共派发4仙股息。
首10月销售30.6亿
截至今年8月底的首10个月,房产销售达30亿6000万令吉,占2023财政年35亿令吉销售目标的87%,或提前达成目标。主要贡献来自有地住宅,占销售44%;其次则为工业房产和商业房产,分别占33%和14%。
从地域来看,Eco South和Eco Central对首10月销售额的贡献均等,均为47%,而Eco North仅贡献了约6%,余下4%则由售价低于65万令吉的“duduk”公寓系列所贡献。截至今年7月底,未进账销售达42亿2000万令吉。
绿盛世表示,公司将在末季推出另外两项“duduk”公寓系列项目,即依斯干达的Eco Botanic项目和槟城的Eco Horizon项目,相信其可负担的特点,加上绿盛世的高端品牌,新项目料可复制其该系列在中马地区的成功,2022年认购率达到80至100%。
截至8月31日,公司地库有3413英亩,包括近期在古来收购的403.7英亩土地,其余地库则分布在中马53%、南马40%及北马7%。1176英亩土地用于工业发展,占总地库34%;其余66%或2237英亩则用于混合乡镇发展。
管理层指出,由于英镑走强与营运资金需求预计降低,绿盛世国际应付股息可能会超过预期的9亿令吉。虽然绿盛世会寻求平衡增长和股息支付,但将优先考虑更多土地储备活动以促进公司未来的成长。
联昌钟爱绿盛世多元化产品地位、低负债率及良好的周息率,潜在催化剂包括现有和新项目销量高于预期、项目完成的时机,下行风险则是联营公司的亏损高于预期及工业和可负担房产认购率低于预期。
分析员维持绿盛世的盈利预测,目标价维持1令吉34仙,重申“增持”评级。
https://www.sinchew.com.my/news/20230923/finance/5003675
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