大和:重申太古地產(1972.HK)“買入”評級 目標價40.3港元
大和發表研究報告指,儘管現時環境存在挑戰及不確定性,但考慮到中國零售租金收入強勁及九龍東有望成為香港最好的寫字樓市場,認為太古地產(1972.HK)將有能力維持其經常性收入及派息穩定增長,重申對其“買入”投資評級,目標價40.3港元。
大和指,太古地產表明將會為旗下太古廣場的租户提供臨時調整租金,此舉無疑是在零售商業業務中試着運行合夥人制度,相信對公司長遠發展相當有利。此外,隨着太古地產來自香港寫字樓及內地商場的租金收入上升,太古廣場對太古地產的純利貢獻已明顯下降。由於太古地產旗下內地商場租金收入已高於香港商場20%,預期內地商場銷售強勁增長將可抵銷香港零售租金疲弱的前景,並認為太古地產現時股價回調提供了買入機會。
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