报告名称：China Resources Land(01109.HK)18% profit growth in 2016E; healthy balance sheet
报告类型：港股研究
报告日期：2016-03-22
研究机构：招商证券（香港）
股票名称：华润置地
股票代码：01109
页数：10
简介：FY15 results largely in line with core profit +18% YoY to HK$14bn. Key surprises from GPM slightly rose to 31.2% (+0.7% YoY), and healthy (and improving) net gearing at 23%
In 2016E, its major-city focused strategy would generate better contracted sales and profit growth against its peers. Stock attractive at 34% discount to NAV, close to 0.5SD below mean. Maintain BUY and TP at HK$23.8

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