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《大行報告》美銀證券:對九倉置業(01997.HK)因物業重估發盈警不意外 料本港零售氣氛開始改善
阿思達克 04-27 15:34
就九龍倉置業(01997.HK)近日發盈警,料今年上半年會因估值重估錄得虧損,美銀證券發表報告指其發盈警並不令人感到意外,料虧損主要來自投資性物業的非現金流的重估損失,該行料九龍倉置業上半年基礎淨盈利仍可錄得正面表現,即使料租務市場仍面臨較大的壓力。

該行指,重申對九龍倉置業「中性」投資評級及目標價34元,相信市場已反映公司會錄得投資性物業重估虧損,兼且現估值較每股資產淨值折讓57%。

美銀證券亦指,新冠疫情在本港似有受控的情況,指本港零售氣氛開始改善,料未來社交距離限制潛在有望放鬆,估計零售收租板塊可望受惠,兼且估值已處低位,雖然距全面復甦的道路仍然漫長;但無論如何,該行認為九龍倉置業仍面臨結構性挑戰,因內地對奢侈品的消費模式正從線下走向線上。

該行表示,在本地收租中看好領展(00823.HK)及希慎(00014.HK),指領展業務主要迎合本港居民的大眾市場,並認為市場誤解希慎主要集中高端零售,指旗下希慎廣場、利舞臺廣場逾60%零售收入來自中端零售市場。

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