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《大行报告》大和降大悦城地产(00207.HK)评级至「持有」 目标价下调至0.5元
阿思达克 02-10 10:11
大和发表研究报告指大悦城地产(00207.HK)商场管理能力强劲,但零售物业不确定性仍存,主因疫情或重现及新商场供应。该行调升公司今年每股盈利预期32%,以反映出售上海办公物业收益,但降明年盈利预期15%,以反映较低租金收入及毛利率预期,目标价由0.8元降至0.5元,评级由「买入」降至「持有」。

该行指,公司目前的商场仍处於复苏阶段,大部份的商场租金均见下跌,平均跌幅更达15%以上,而且出租率亦降低;酒店项目的租用率亦只有38-63%,每房间每晚平均租金792至966元人民币。

该行又指,公司计划今年有5个新商场开业,而公司来自北京商场的租金收入占比较重,存在过度集中风险,尤其疫情再爆发的威胁,故对2021至22年租金收入增长预期较保守,料平均每年增长率为15%。

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