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高盛:降九置(1997.HK)目標價至37.6港元 評級“買入”
格隆匯 07-31 16:57

高盛發表研究報告指,九龍倉置業(1997.HK)中期業績及派息符合該行預期,雖然公司前景仍存在高度不確定性,但基於股息率仍達5.6釐,考慮到估值吸引,故維持“買入”評級,但將目標價由38港元略降至37.6港元。

高盛指,九置在上半年為租客提供10億港元租金減免,管理層指有關寬減將以租客剩餘租賃期內進行攤銷,意味今年上半年業績只反映了其中一部分,其餘將在未來時間進一步入帳。期內,零售租金調整為負增長,主因市況艱難及集團持續與租客就續租及更新約租進行洽商。該行認為,業主在零售租約重組中應更加積極主動,以保持出租率及留住重要租客,以及減少在過程中資金回收的不確定性,然而這或會在短期內為租金收入帶來下行壓力。

高盛預計,從去年中至明年底,大型商場的零售租金將下降35%,而九置對今年下半年前景仍然不確定,故下調九置2020年至2022年每股盈利預測2%至3%。

瑞銀則指,九置中期業績略遜於該行預期,而受疫情反覆及地緣政治關係,預料九置零售銷售及寫字樓市場在短期內將面臨更多挑戰,予其“買入”評級,目標價為43.3港元。

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