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信和置業(00083.HK):估值具吸引力,維持“買入“評級,目標價13.00港元
格隆匯 10-13 09:24

機構:國泰君安

評級:買入

目標價:13.00港元

信和置業的 2020 財年業績符合我們的預期。信和置業 2020 財年收入同比下降 26.5%至58.87 億港元,是由於獲確認的房地產銷售下降。物業銷售收入同比下降 66.0%至 8.64 億港元,經營利潤率大幅下降。物業租賃收入同比下跌 5.0%至 31.62 億港元,主要由於向零售租户提供租金優惠。新冠肺炎疫情亦嚴重地打擊了公司的酒店運營。核心淨利同比下降2.4%至 45.57 億港元。信和置業的淨現金頭寸進一步同比增長 12.8%至 384 億港元,末期每股派息維持在 41 港仙。

由於有 4 個香港發展項目將會交付,預計 2021 財年的房地產銷售收入將大幅增長。 公司於 2020 財年下半年沒有成功收購到任何土地,令我們關注公司開發土地儲備的可持續性。我們預計信和置業將於 2021 財年上半年延續其向零售租户的租金減免。我們亦認為公司的酒店業績在 2021 財年上半年仍將疲弱。由於部分住宅項目的交付假設推遲以及豪華住宅的合同銷售假設減少,我們大幅下調 2022 財年的房地產銷售收入預測。

我們維持目標價 13.00 港元和投資評級為“買入”。我們重申信和置業是香港開發商中具防守性的公司。我們的目標價相當於較 23.9 港元的 2021 財年每股估值有 45%的折讓,亦相當於 7.4 倍/ 14.0 倍/ 9.0 倍的 2021/2022/2023 財年核心市盈率和 0.60 倍/ 0.58 倍/ 0.56倍的 2021/2022/2023 財年市淨率。

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