里昂:下調太古(0019.HK)評級至“跑贏大市” 目標價82港元
里昂發表報告指,自2018年6月起,公司一直看好太古(0019.HK)
予“買入”
評級,因看好其管理層的轉變,及週期性復甦的盈利,認為其是被市場低估其價值,但目前香港情況惡化,料公司盈利壓力增加,因此將今明兩年經常性盈利預期調低分別18%及23%,當中特別是來自國泰(0293.HK)
及太古地產(1972.HK)
前景變得更審慎,將太古目標價由100港元降至82港元,評級由“
買入
”降至“
跑贏大市
”。
該行指,因應對香港情況變得悲觀,料租金收入下降,預期金鐘商場和辦公室的情況亦會受經濟下行影響,但會被非中環區的辦公室需求所抵銷,故將太古地產今年的經常性盈利調低9%,明年調低13%。
里昂表示,國泰亦受累客運量和收益率預期下降,將今明兩年的預期下調43%及48%,但預期公司明年上半年可以復甦,相信訪港旅客會有回升。同時該行亦下調太古飲品部份收益,認為成本有增加,及對海洋業務維持審慎。
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