匯豐研究:升嘉裏建設(0683.HK)評級至“買入” 目標價31.5港元
匯豐研究發表的報告指,嘉裏建設(0683.HK)
股價自2018年7月底已下跌35%,而期內同業股價平均跌約18%,恆指則跌約7%,該行認為主要是由於其派息存在不確定性,以及香港豪宅銷售弱勢等,但公司的正面因素被忽視,包括是租賃項目增長以及透過合資形式發展的新項目有助分散風險。
該行相信相關項目有助公司以較低的風險拓展物業業務,最終將可帶來穩定的派息增長並惠及投資者。該行估計公司將自2020年起踏入派息增長週期(2020年股息回報5.5%、2021年股息回報5.7%),將其評級由“
持有
”升至“
買入
”,目標價由32港元降至31.5港元。
該行指出隨着項目完工及近期新收購的投資物業,估計未來12個月公司的可持續租賃收入將穩定增長,料2019年租金收入將按年升4%至55億港元,而到2020年再升6%至58億港元,料將有助提升投資者對其派息增長前景的信心,並估計公司將有七成半的租金收入將來自中國。
該行相信針對公司銷售表現的負面因素已大致反映在股價上,估計公司今年120億港元的銷售目標有機會落空,主要因為其項目較多屬豪宅,但認為公司在應對銷售風險上已有策略轉變,包括是合資參與開發新項目等,短期有助管理銷售風險。
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