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《大行报告》汇丰研究上调希慎(00014.HK)目标价至36.3元 评级「买入」
阿思达克 02-26 15:17
汇丰研究发表的报告指,希慎兴业(00014.HK)去年业绩符预期,基本溢利按年跌7.3%至24亿元,大致符合该行及市场预期,全年派息维持在每股1.44元,展望将来该行认为其零售租赁组合今年有望改善,主要因为社交距离措施有所放宽,加上随着疫苗接种消费者情绪亦有改善,相信潜在惊喜将来自其扩张计划。希慎现时正开始活跃参与土地市场,假如成功收购将有望强化其盈利增长的可见性,维持予「买入」评级,目标价由35.5元升至36.3元。

该行指出去年其零售租金收入跌幅显着,期内跌12.9%至16亿元,跌幅按年有所扩阔,而续租租金调整亦在介乎20%至23%的水平,与整体市场趋势一致,估计2021年其租金收入有望按年增长3.6%,主要因为期内予租户的优惠较少,加上零售市场陆续复苏,而其写字楼去年租金收入亦跌1%,趋势相似但跌幅相对温和。

汇丰研究指出加路连山道商用地位於希慎的物业旁,估计将在未来两至三个月开始招标,相信对公司而言属罕有机遇,留意到公司正活跃地展开融资,过去十八个月其净借贷由76亿元急增至296亿元,估计公司有机会收购规模较大的地皮作为下一个增长引擎,假如成功收购公司在铜锣湾的物业组合将扩大24%至560万平方尺,而其盈利增长可见性将更高。

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