大和料太古地产(01972.HK)租金及出售收益将增加升盈利预测11%
大和发表研究报告指,太古地产(01972.HK)今年上半年基本溢利按年增长199%至186亿元,主要受惠于出售两座位于太古城的办公室及其他非核心资产,包括本港零售、酒店等的贡献均有上升,连同集团的项目,相信将有助巩固集团未来数年的收入增长。该行维持太古地产目标价40.3港元,以及“买入”评级。

大和表示,儘管出售物业后令租金下降,但香港办公室上半年的租金收入按年升5%,而在调整人民币汇价后,中国的租金增长将按年增长14%,反映出集团过去较弱的细分市场亦出现转机,本港的零售组租户销售按年下跌4%,但今年上半年租金收入按年增长3%。考虑到今年下半年的租金及出售收益增加,该行将今年每股盈利预测上调11.3%。
该行指,预料港岛东的办公室租金将持续上升,即使市场需求进一步疲弱,相信租金上升情况仍会继续。同时认为集团在中国的投资组合仍处于良好水平,预计集团未来数年内将实现租赁组合的扩张。
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