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大和:降九倉(0004.HK)目標價至29.3港元 重申“買入”評級
格隆匯 03-11 14:00

大和發表研究報告指,九龍倉(0004.HK)去年核心盈利按年下跌57%,主要因為中國發展物業作出27.1億元的撥備;於去年底,公司未入帳的合同銷售額為274億元人民幣,相信可為未來幾年收入提供緩衝。該行認為,九倉核心業務前景仍穩健,重申其“買入”評級,將目標價由36.5港元下調至29.3港元。

大和認為,九倉去年中國房地產業務表現不算差,超額完成全年銷售目標11%,惟考慮到新冠肺炎疫情或會令建築及交付有所延誤,故下調九倉今、明兩年銷售預測21-31%,但重申公司未入帳的合同銷售額相當可觀,相信只是時間性問題。

該行又指,會德豐(0020.HK)私有化消息或令九倉短暫有沽壓,但認為公司資產業務依然強勁;同時,亦不排除系內或會有進一步重組計劃。

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