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《大行报告》大摩上调恒隆地产(00101.HK)目标价至24.5元 评级「增持」
阿思达克 01-29 10:31
摩根士丹利发表研究报告,指出由於去年下半年内地奢侈品销售反弹,带动上海及上海以外的零售销售分别按年增长90%及49%。恒隆地产(00101.HK)去年的内地商场总零售销售按年增43%,公司预期在关口重开後,年复合增长率会继续达双位数。

该行指出,零售销售的增长带动上海物业去年下半年的租金收入按年增长28%,而无锡的商场亦受惠於租金录52%增长。该行现预期,恒隆的内地租务息税前利润(EBIT)在2020至2023年将每年增长18%,而人民币升值也将有利於其盈利表现。

公司宣布派息每股0.76元,相信随着香港租金下降趋势稳定,以及内地盈利持续增长,最快会在2021年度首次增加派息。该行将公司2021至2022年的每股盈测分别上调9%及13%,目标价由原来的22.5元上调至24.5元,维持「增持」投资评级。

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