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瑞信下调九龙仓置业(1997.HK)目标价至49.2港元维持“中性”评级
格隆汇 08-07 10:40

瑞信发表研究报告,指九龙仓置业(01997.HK)中绩表现符预期,基本盈利按年升3%至52亿元,相当於该行全年预期的49%;中期息增长5%至1.1元,相当于中期股息率约2.4%。净负债比率按半年跌1.6个百分点至16%。

该行指出,纵使市道疲弱,九仓置业的业务组合仍展现韧性。其中尖沙咀海港城上半年零售销售按年仅微跌0.6%,已跑赢整体市场及奢侈品板块同期表现;另零售租金按年升6%,办公室收入亦按年升6%。

瑞信称,上半年香港零售市道放慢,在6月示威活动开始,零售跌幅进一步扩大。报告认为,贸易战升级、示威活动持续,以及人民币贬值,将持续拖慢零售销售及九仓置业的租金收入增长。

该行表示,九仓置业现估值相当於资产净值(NAV)折让约44%,折让幅度多於其34%的历史均值。瑞信降其2019至2021年各年每股盈测各约2%,另降NAV预测约2%,以反映零售销售倒退引致租金收入增长放缓的假设。为反映宏观不确定性、本地政局不稳及人民币贬值致消费情绪恶化,该行下修其估值基础,由NAV估算折让35%扩大至40%,目标价相应由54.5港元降至49.2港元,维持“中性”评级。

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