《大行报告》瑞银上调恒隆地产(00101.HK)目标价至24.2元 评级「买入」
瑞银发表报告指,将恒隆地产(00101.HK)2020至2022年的盈利预测上调1至4%,目标价升7%,由22.5元升至24.2元,评级「买入」,以反映今年以来奢侈品销售复苏强过预期,认为公司内地租赁业务的盈利增长强劲,料来自中国内地租务业务盈利2019至2022年年复合增长达17%,可抵销香港方面租金表现的弱势,另外亦估计整体盈利的年复合增长达8%。此外该行认为假如疫情受控及跨境活动回复,公司香港的租金收入表现将有上行惊喜。
公司於9月22日公布新的LV分店将其无锡的商场开幕,是第四间在恒隆旗下开张的LV分店,根据该行的分析,今年5-9月LV在内地仅开三家新店,其中两家就是在恒隆旗下的商场,而另外一家则位於新地旗下位於上海的商场,相信奢侈品牌将继续在内地开新店,主要因为今年以来销售复苏强劲,加上二线城市渗透仍较低。
根据恒隆地产管理层指,公司计划将高档商场的数目由5家增至9家,并将2021及2024年在武汉及杭州开设两个新商场,此外公司亦会将现有位於大连及吉林的商场转化为高档商场,该行料有很大机会成功,因为当地的奢侈品店铺渗透率仍很低。(el/w) ~
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