大和:維持太古地產(1972.HK)買入評級 目標價40.1港元
大和發表研究報告指,太古地產(1972.HK)上半年經常性基本溢利按年下跌9%至37億元,主要由於其酒店業務的淨虧損抵銷了其物業投資的盈利。儘管新冠肺炎疫情對零售業務產生影響,令其利潤減少,但中期每股派息增長3%,認為公司增加股息的承諾及其租金收入前景令人放心。該行維持太古地產目標價40.1港元,以及買入評級。
大和表示,在充滿挑戰的環境當中,公司上半年的香港寫字樓租金仍有2%至12%的上升,並設法將香港的商場出租率維持於100%。中國的租金表現亦超過了香港,成為第二大租金收入來源。該行指出,太古地產建立了清晰可見的開發渠道,應有助於鞏固租金收入的持續增長。
該行指,隨著香港的住宅開發初具規模,認為房地產銷售有望成為另一增長動力。公司在今年上半年的負債比率僅5.9%,該行認為,公司正處於重建其住宅土地儲備的有利位置。

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