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大和:維持九置(1997.HK)目標價50.2港元 評級“買入”
格隆匯 07-31 14:26

大和發表研究報告指,九龍倉置業(1997.HK)上半年基礎盈利按年下跌26%至38.44億港元,主要由於零售租金收入按年跌27%。考慮到上半年的挑戰,該行認為,集團的業績表現反映出其韌性,並且對於集團的漸進式改善前景是一個好的徵兆。該行維持九置目標價50.2港元,以及“買入評級。

大和表示,九置上半年零售收入按年下跌27%實際上並不算太差,認為表明仍有很多租户願意對其資產組合及香港零售業進行長期觀察。對於香港的零售商和業主而言,2004至2014年是相當輕鬆的時期,認為2014至2017年的行業調整,及目前的挑戰並不完全是壞事。如果香港要成為真正的國際零售中心,其行業規模及水平必須與倫敦、巴黎或東京看齊,這很大程度上取決於零售商及業主能否適應新常態。

該行指,九置無強調降低借貸比率所面臨的困難,集團的資產負債表有實力去抵禦未來的困難,認為集團吸引一些尋求價值、安全性及收益率的長期投資者。

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