大和:重申恆隆地產(0101.HK)“買入”評級 目標價26.4港元
大和發表研究報告稱,恆隆地產(0101.HK)上半年業績與該行預期的20億港元相符,並反映出中國豪華商場表現強勁,加上集團每股派息維持在0.17港元,連同逐漸回覆的物業銷售利潤,預期未來幾年派息將有持續增長的能力,故重申其“買入”評級,目標價續看26.4港元。
大和指,儘管新至肺炎疫情導致恆隆旗下許多內地商場於2至3月期間關閉,但集團上半年整體內地租金收入仍按年增長4%,反映出銷售復甦及其內地主要豪華商場的租金收入相當可觀。考慮到中國消費者在海外市場上的奢侈品零售額曾高過國內市場逾兩倍,認為中國主要奢侈品商場的零售額仍巨大增長空間,隨着恆隆新物業的竣工,相信恆隆在內地的租金收入將持續增長。
該行續指,在疫情及訪港旅客減少的影響下,上半年恆隆的香港租金收入僅按年跌5.3%,雖然預期香港零售租金難於短期內恢復,惟一旦恆隆恢復物業銷售利潤,將可抵銷其租金疲弱的影響,並估計來自藍塘道剩餘單位之利潤、兩個在建項目及中國四個服務式公寓將逾150億港元。該行又指,在假設恆隆於下半年沒有出售任何藍塘道單位的保守情景下,集團今年每股盈利預測將降低24%。然而,在物業銷售利潤可能恢復及中國租金收入持續增長的預期下,該行將集團2021至22年每股盈測上調0.3%。

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