融創目標價20 - 野村

野村將融創(1918)目標價由13.75調高到20，應該是street high。

萬達交易：We estimate NAV/share will increase from HKD25 to HKD40, based on public information and conservative assumptions, including: 1) ASP of CNY13k/sqm for the saleable GFA; 2) a sales period of seven years; 3) almost zero valuation for IP and hotels (generated CNY874mn earnings in FY16).

Maintain Buy rating; TP raised to HKD20.00 We maintain our Buy, and raise our FY18F/19F core earnings by 68%/55% and FY17F NAV by 60% to HKD40.00, after factoring in this deal. Our new TP is based on 50% discount to NAV (raised from 45% to reflect higher balance sheet pressure)

野村算是外資行里比較先知先覺的，直到現在還有目標價三塊多的，是誰就畫公仔不用畫出腸了。