《大行報告》瑞銀下調希慎(00014.HK)目標價至25.4元 重續租約有下行風險
瑞銀發表報告表示,希慎(00014.HK)去年核心盈利為26億元,每股盈利為2.47元按年升2%,大致符預期,但公司維持其派息於1.17元,低於預期,相等於派息比率為核心盈利的58%。
該行指,希慎盈利增長主要由物業和寫字樓租金收入帶動,但被零售較弱的表現抵銷,管理層指基本租金於2月至3月扣減,及去年下半年的優惠,令去年下半年成本增加22-23%,加上目前租賃需求較低,但公司零售表現大致符合本地零售表現。該行相信,在持續積弱的零售環境下,希慎重續租約會有影響。
瑞銀表示,寫字樓租金收入和毛利於去年下半年分別升15%及21%,主因續租租金提升,及第三期項目的貢獻,公司目前的租賃率為98%,當中有22%面積的寫字樓會於今年到期,未來或有下行風險。該行將目標價由26.6元降至25.4元,較每股資產淨值折讓55%,評級「沽售」。
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