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大摩:維持太古地產(1972.HK)目標價32港元 評級“增持”
格隆匯 09-23 11:27
大摩發表研究報告指,太古地產(1972.HK) 會給予太古廣場租户臨時的租金調整,假設75%租户獲六個月30%的租金減幅,預期對今明兩年的每股盈利影響為-1%。維持太古地產目標價32港元,評級“ 增持 ”。該行指,不預期對租户的調整會對租金收入有影響,特別是若零售復甦後,盈利影響會更輕微。
該行指,太古廣場對公司上半年租金收入貢獻約10%。公司有更多香港辦公室及國內商場的佔比,分別占上半年租金收入44%及29%。第三季零售銷售趨勢與上半年(增10-20%)相若。
該行表示,預期售賣奢侈品的商場會較受影響,例如九龍倉置業(1997.HK) 和希慎(0014.HK) ;而大眾化如領展(0823.HK) 及置富產業(0778.HK) 影響較小。
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