《业绩之後》一文了解券商对恒隆地产(00101.HK)最新目标价及观点
恒隆地产(00101.HK)今早股价靠稳，该公司昨(21日)午公布截至去年12月底止全年业绩，录营业额88.52亿元按年跌5.9%，营业溢利减少5%至64.87亿元，纯利61.72亿元按年跌23.6%；每股盈利1.37元。派每股末期息0.59元，上年同期派0.58元。
在扣除物业重估收益和其相关所得税及非控股权益的影响後，股东应占基本纯利增加9%至44.74亿元。每股基本盈利0.99元。期内，核心物业租赁业务收入按年增加5%至85.56亿元，其中有53%来自内地业务。物业销售收入下跌76%至2.96亿元。物业销售的边际利润率为55%。公司指，将按市况继续减持香港的住宅单位，并透过出售非核心物业，积极从资产组合体现更高价值。
【派息有惊喜 内地租务强】
多间券商表示，恒隆地产增加派息有惊喜，显示其对业务发展有信心。美银证券表示，尽管武汉肺炎暴发对武汉购物中心预租或产生一定影响(预期於今年夏季开业)，目前承诺出租率为60%。不过，位於无锡恒隆66号中心整合奢侈品牌令租赁收入增长或於今年加快，集团位於大连商场租赁收入预期未来3-4年具增长潜力，还有济南资产整合等，因此，维持其「买入」评级，目标价20.8元。麦格理轻微下调恒隆地产目标价至23.42元，以反映本港物业销售进程，但看好集团在内地业务前景，重申「跑赢大市」评级。
本网最新综合8间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
海通国际│买入│27元-26.5元
大和│买入│26.4元
麦格理│跑赢大市│23.96元-23.42元
摩通大通│增持│23.1元
瑞银│买入│21.8元
花旗│买入│21.1元
美银证券│买入│20.8元
摩根士丹利│增持│20元
-----------------------券商│观点
海通国际│全部盈利潜力尚未充分释放
大和│内地商场业绩强势及增派息有惊喜
麦格理│内地二线城市消费强劲，看好高端零售业
摩通大通│去年度基本纯利符预期及增派息令人惊喜
瑞银│去年度基本纯利符预期及增派息有惊喜
花旗│全年度基本盈利胜预期及增派息有惊喜
美银美林│憧憬内地商场租金上升及增派息有惊喜
摩根士丹利│全年度基本盈利及派息符预期
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