《大行報告》高盛下調大悅城地產(00207.HK)目標價至0.63元 評級「中性」
高盛發表報告指,大悅城地產(00207.HK)上半年核心純利按年跌75%至1.37億元人民幣,僅佔該行及市場原先全年預測分別23%及14%;收入及純利率同遜預期。管理層透露目前購物中心的整體運營情況,已由6月份的恢復70%,升至目前恢復到疫情前水平的90%,相信在下半年隨著更精準市場推廣及有效成本節省,租金表現將有所改善。
大悅城計劃未來三年內通過重資產和輕資產模式,新增20至30座購物中心,並預計租金年複合增長率可達15%。惟該行提醒,市場競爭加劇,在未有推出實質性改善租金增長或成本控制措施的情況下,其收益率是該行所覆蓋的公司中最低,因此予「中性」評級。
高盛並下調2020至2022年每股盈利預測最多約9%,以反映上半年財報表現疲弱,目標價由0.7元下調至0.63元。
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