匯證:維持恆隆地產(0101.HK)買入評級 目標價24.2港元
匯證發表報吿表示,恆隆地產(0101.HK)去年下半年基本盈利回覆增長動力,內地租金收入增長成亮點;隨着內地租金組合抵消香港租金的疲弱表現,估計其租金收入增長將持續,維持其買入評級,目標價續看24.2港元。
該行指,恆隆地產去年基本盈利按年跌6%至42億港元,符合市場預期,惟對公司沒有提高下半年股息感到失望。受惠於中國內地租賃業務強勁復甦,公司去年下半年盈利增長11%,扭轉上半年下跌11%的趨勢;旗下商場租户零售銷售增長則從去年上半年的6%,到下半年大增至74%,認為在奢侈品零售迴流內地趨勢下,估計將會繼續支持恆隆租金增長。
該行又指,去年下半年公司內地租金較上半年增長32%至34億港元,旗下4間主要商場的零售額佔其內地租金收入的79%,去年零售額增長率介乎9至72%,帶動去年租金收入增長15至26%。香港方面,去年下半年租金收入較上半年跌9%至17億港元,預期在未放寬旅行限制之前,香港租賃業務仍會受壓,並將恆隆地產今年利潤預測調整至跌2.9%、明年則料升0.4%。

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