《大行報告》美銀證券降九倉置業(01997.HK)目標價至41元 料海港城今年零售租金跌兩成
美銀證券發表報告表示,九龍倉置業(01997.HK)去年每股盈利表現符預期,惟海港城第四季之零售租戶銷售遜預期,故該行將其2019至2020年盈利預測下調各9%,目標價相應由47元降至41元,以反映不明朗零售前景拖累每股資產淨值(NAV)估算降低6%,及每股NAV折讓由37%擴至41%。報告補充,去年第四季海港城零售租戶銷售按年下跌50%,主因基數大及對遊客的依賴度較高;該行預期,今年上半年海港城零售租戶銷售跌幅將進一步擴大至60%,直至第四季才有機會因基數效應而錄反彈;美銀證券並料未計租金寬減,海港城今年零售租金跌兩成。該行認為,九倉置業目前估值便宜,但看不到正面的催化劑,因此重申其「中性」評級。
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