里昂降润地(1109.HK)评级至“跑输大市”目标价下调至31港元
里昂发表报告表示,相信对投资者而言,华润置地(01109.HK)租赁物业表现突出仍是亮点,不过相关正面因素已大致反映在现价上,除非公司有可能分拆整个投资物业组合。

报告又指,更重要的问题是,润地过去18个月积极购买土地储备而导致开发物业之利润率下降,且该等土储超过三分一位于第三线城市。该行认为,虽然租赁收益贡献上升,惟物业发展业务仍然是主要的盈利来源,且占整体收益达80%。
该行下调其2019至2021年盈利预测4.6%至5%,目标价相应由35港元降至31港元,相当于2019年预测市盈率8.5倍(原本9倍),以反映因中国经济放缓的不确定因素。同时,将其投资评级由“跑赢大市”下调至“跑输大市”。
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