《大行報告》瑞信下調太古地產(01972.HK)目標價至30.1元 評級「跑贏大市」
瑞信發表研究報告,指太古地產(01972.HK)去年經常性盈利升1.5%至76億元,低於預期6%,投資物業收入貢獻抵銷了物業銷售和酒店經營。全年派息88仙,相等於股息率4%。
該行指,香港的寫字樓組合續租租金錄雙位數增長,但零售租賃組合受壓,租金收入跌10%,預期租金津貼會於今年持續。公司負債大減至153億元,負債比率為5.3%,主因出售資產套現了174億元。管理層維持會出售非核心資產的計劃。
該行降公司資產淨值預測5%,2020至21年盈測降10-12%,並計入2022年的預期數字,目標價由34.4元降至30.1元,維持「跑贏大市」評級,相信公司在香港收租股的定位,最受惠持續「去中環化」,強健的資產負債表亦能夠提供支持。
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