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摩通:恆隆地產(0101.HK)業績符預期 予“增持”評級
格隆匯 01-21 15:14

摩根大通發表研究報告,指倘撇除發展項目入帳利潤及資本化利息開支,恆隆地產(00101.HK)去年業績符該行預期。報告稱,在內地零售表現強勁支持下,恆隆地產末期息按年增加1仙,令人驚喜。旗下內地所有商場租用率及零售銷售增幅令人鼓舞。予“增持”評級,目標價23.1港元。

報告稱,恆隆地產增加派發末期息,反映去年強勁表現及就來年經營表現的潛在正面信號。去年基本純利45億元,按年升9%,符該行預期。

摩通表示,恆隆地產內地零售增長強勁。總收入按年升12%,倘撇除新項目則升10%;經營純利升12%。以人民幣計,上海以外收入按年升19%,當中去年下半年更按年升24%。旗下上海商場則按年升8%,去年下半年升12%。報告稱,留意恆隆地產旗下無錫、大連及瀋陽商場零售銷售明顯改善,各錄逾20%增長。

報告稱,公司旗下香港零售受到旅客減少及社會動盪影響。收入及經營純利按年分別各升2%,不過,在租用率支持下,香港零售組合相對具韌性。

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