《大行報告》大摩料恆隆地產(00101.HK)中期基本純利跌19%維持每股派息17仙
摩根士丹利發表研究報告,預期恆隆地產(00101.HK)上半年基本純利錄約18.88億元,按年跌19%,主要因為期內缺乏住宅銷售入帳,預期恆隆中期息維持每股17仙。該行予恆隆目標價20.5元,評級「增持」。
該行預期,儘管人民幣偏軟,恆隆上半年於內地的租賃收入及稅息前盈利(EBIT),料分別較去年下半年升3%及13%,主要受惠上海以外如無錫及大連的商場帶動,而上海方面則料只有溫和增長,因為上海恆隆廣場的增長被港匯恆隆廣場裝修所抵銷,預期恆隆上半年內地租賃EBIT利潤率將按年改善100個基點至68%。
另大摩料恆隆本港租賃業務EBIT按年微升1%。市場有消息指,國際時裝品牌H&M旗下兩大型旗艦店招頂租多月,包括旺角家樂坊及銅鑼灣恆隆中心。報告認為,上述消息為恆隆旗下商場未來租賃前景添憂。另外大摩不預期今年上半年有任何住宅銷售入帳,因為上半年售出的藍塘道項目單位,設有三年的付款期。
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