瑞银予嘉里建设(0683.HK)“中性”评级目标价35港元
瑞银发表研究报告指,嘉里建设(0683.HK)上半年核心盈利升15%至31.43亿港元,优于该行预期,主要基于物业发展入帐收入较高。该行相信,近日人民币贬值及疲弱的楼价或会对中国的租务收入及物业发展盈利贡献受压,予嘉里建设“中性”评级,目标价为35港元。
瑞银注意到嘉里建设于大陆的写字楼出租率下跌,其中深圳嘉里建设广场在半年间出租率由97%降至90%,部分北京及上海写字楼出租率亦见3至4百分点的跌幅。另外,该行对香港写字楼租金收入前景亦较为审慎,因面对企业需求疲弱及九龙东的供应过多的风险。
该行又提到,上半年公司的每股派息维持于0.4港元,逊该行预测,同时派息比率只有19%,亦低于去年同期的37%派息比率。
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