《大行报告》大摩下调新世界(00017.HK)目标价至41元 评级降至「与大市同步」
摩根士丹利发表研究报告,指出新世界(00017.HK)的股价表现今年来已跑赢香港地产股及恒生地产指数8至9%。虽然市场忧虑疫情的影响,但公司的香港合同销售有所增长,并维持2020财年的每股派息。该行曾在3月份的报告中列出数项公司的增长潜力,而这些潜力正在相应发挥。然而,相信公司现时的股价已反映大部分利好消息,并列出以下一些关注。
首先是关於合同销售,公司旗下的大围站上盖项目已套现120亿元,这是其2021财年目标的60%。但在利润方面,公司需要与港铁(00066.HK)分享大部分权益,现时预期仅会在2023财年入帐,息税前利润率为20%。
另外,认为公司2020财年每股派息维持在2.04元虽然正面,但股息率5.1%并不高於同业。更重要的是,来自新创建(00659.HK)的经常性收入及股息无法支持目前52亿元的股息支付,意味每股派息在短期内没有上升空间。该行将公司的投资评级由原来的「增持」调低至「与大市同步」,目标价由原来的48元下调至41元。
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