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大摩:下調太古(0019.HK)目標價至90港元 維持“增持”評級
格隆匯 11-11 15:18

大摩發表報告指對太古(00019.HK) 發盈警並不意外,因市場過份看待公司的防守性,但其估值便宜,市賬率只有0.4倍,而股息率有4.3%。

該行指,太古地產(01972.HK)佔太古資產淨值達70%,並主力集中在國內商場及香港的非中環區辦公室,國內商場首九個月增長達9%-25%,高於上半年9%-19%;而非中環區辦公室的租金亦見增長,而且公司在市場下行前出售資產,令其負債比率只有8%。

該行降公司資產淨值預期17%至119港元,並將折讓由20%增至25%,以反映降低太古地產及國泰(00293.HK)的目標價,加上經濟增長放慢,以及未上市資產復甦較預期慢,將目標價降22%至90港元,評級維持“增持”

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