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大摩:降太地(1972.HK)目標價至23港元 維持增持評級
格隆匯 07-28 14:28

摩根士丹利發表研究報告指,太古地產(1972.HK)等主要的寫字樓股票估值處於歷史低位,跌破2003、2009年危機時期的低點,其估值隱含辦公室租金再降40%,現時市場過分悲觀,預計未來兩年閒置率將由6月份的7.6%升至9%,下調太古地產目標價至23港元,維持增持評級。

該行續指,投資者對香港地產股的下行空間可能反應過度,由於居家辦公,未來5年內3%的辦公樓空間可能會回到市場,影響有限。

該行表示,繼上半年下降13%之後,預計下半年寫字樓租金下降12%,底部有望在年底出現,而受經濟復甦和新辦公樓供應温和推動,於2020-2022年,預計香港寫字樓租金複合年增速為2.5%。

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