大和:信置(0083.HK)手頭現金充足有利應對挑戰 重申“買入”評級
大和發表研究報告指,信和置業(0083.HK)中期基本溢利按年增長14.9%至27.23億港元,主要受惠於租金收入按年升0.5%及合資項目的物業銷售利潤增加。由於租賃業務持續穩定,加上寫字樓續租租金維持增長態勢,將有助減輕未來幾個月零售業所面臨的挑戰,重申其“買入”評級,惟將目標價由15.9港元降至15.2港元。
大和認為,信置正進行轉型,由於公司在2013-15年間沒有收購土地,造成近年收入較過去有差距,估計信置繼續通過出售非核心資產來填補利潤。但因應房地產投資市場目前存在不確定性,該行下調公司未來4個月的非核心資產銷售預測,並削減今財年每股盈利預測20%,但隨着凱匯銷售入帳,相信公司明年盈利將會強勁復甦。該行又指,信置手頭上淨現金已增至373億元,令公司更有利去進行買地、收購物業或提高股息率等。

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