大摩:香港奢侈品零售市場面臨結構性挑戰 降九置(1997.HK)等目標價
摩根士丹利發表報告表示,香港旅遊和奢侈品零售市場面臨結構性挑戰,下調擁有零售購物中心的九龍倉置業(1997.HK)、希慎興業(0014.HK)、冠君產業信託(2778.HK)盈利預測和目標價。當中,該行將九倉置業的目標價由48港元下調16.7%至40港元;希慎目標價由37港元下調10.8%至33港元:冠君產業信託的目標價則由5.7港元下調12.3%至5港元。
大摩分別將上述三股的2020及2021財年每股盈利預測平均下調6%及9%。
大摩預期,境內外奢侈品價差將會收窄,具競爭力的產品供應增加等因素,料將加快奢侈品消費迴流中國內地境內,令內地的奢侈品購物中心和免税店受益。
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