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大和:下調大悦城地產(0207.HK)目標價至0.5港元 評級“持有”
格隆匯 02-17 14:55

大和發表研究報吿指大悦城地產(0207.HK)商場管理能力強勁,但零售物業不確定性仍存,主因疫情或重現及新商場供應。該行調升公司今年每股盈利預期32%,以反映出售上海辦公物業收益,但降明年盈利預期15%,以反映較低租金收入及毛利率預期,目標價由0.8元降至0.5元,評級由“買入”降至“持有”

該行指,公司目前的商場仍處於復甦階段,大部份的商場租金均見下跌,平均跌幅更達15%以上,而且出租率亦降低;酒店項目的租用率亦只有38-63%,每房間每晚平均租金792至966元人民幣。

該行又指,公司計劃今年有5個新商場開業,而公司來自北京商場的租金收入佔比較重,存在過度集中風險,尤其疫情再爆發的威脅,故對2021至22年租金收入增長預期較保守,料平均每年增長率為15%。

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