《大行报告》瑞信下调新地(00016.HK)目标价至143.42元 评级「跑赢大市」
瑞信发表研究报告指,新地(00016.HK)去年度基本盈利跌9%至294亿元,较瑞信预期低11%,全年派息4.95元,股息率为5%,算是吸引。负债比率处於14%,资产负债表维持强劲。
该行指,管理层今年度目标销售为350亿元,主因目前环境的不确定性,但维持中期超过400亿元目标指引;而内地销售今年度目标为50亿元。
该行又指,香港租金收入跌7%,续租环境短期内会较困难,改善程度需视乎限制社交距离措施、重开旅游等。最近,内地奢侈品销售见强劲增长。
该行降新地今年度盈利预期13%,以反映3-5%租金跌幅、酒店亏损、零售租金补贴、并计入2022-23年度数字,资产净值下调3.5%,折让扩至50%(原本40%),目标价由149.4元降至120.1元,评级维持「跑赢大市」。
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