《大行報告》大和削九龍倉置業(01997.HK)目標價近27%至50.2元 評級維持「買入」
大和發表研究報告,指九龍倉置業(01997.HK)去年基本純利按年跌3%至97.91億元,該行認為今年充滿挑戰及不確定性,指零售物業管理及資本管理將會是集團應付未來挑戰的關鍵。大和大削其目標價近27%,由68.4元降至50.2元,相當於今年底預測每股資產淨值(NAV)折讓30%,評級維持「買入」,指現價收益率逾4%,料對長線投資者屬吸引。報告稱,九龍倉置業去年下半年相對穩健,但今年上半年挑戰更甚。即使辦公室屬組合內相對具韌性的板塊,大和下調其今明兩年每股盈測介乎28%至29%,以反映該行預期其零售組合今明兩年面對的困難。大和表示,香港零售環境未來料有基本面結構改變,每零售物業的定位取決於其如何反應及再創新。報告稱,過去十五年,尖沙咀海港城租戶銷售及租金收入持續上升,認為海港城已達成的零售租金率不會因租戶銷售下挫而自動崩潰。報告稱,將來取決於海港城能否在未來零售環境保持其作為商戶及消費者最喜好商場的地位。報告解釋,資本管理是一張「王牌」。大和稱,會德豐(00020.HK)私有化的其中一個後果,是吳光正家族將直接控制九龍倉置業,相對過往持股超過50%,完成後,吳氏家族對九龍倉置業持股將降至42.3%。大和相信,九龍倉置業有能力展開回購,倘成事,料將受到投資者歡迎及反映在資本管理上邁向現代化。
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