《大行報告》摩通上調希慎(00014.HK)目標價至31.4元 評級「中性」
摩根大通發表研究報告,指希慎(00014.HK)在疫情影響方面較同業輕微,同時意味通關後,復甦會較溫和,估計折讓將收窄,目標價由28.8元升至31.4元,維持「中性」評級。
該行指,預期零售市道反彈,管理層指租戶銷售表現大致符預期,以及香港零售趨勢,剔除租金優惠,預期基本租金會錄15至20%跌幅。公司商場租戶更換率較低,並較少依賴旅客生意,令其復甦力度未及同業。
至於辦公室方面,亦見下行壓力,今年將有24%租務到期,相信銅鑼灣地區租金會有17%跌幅,但預期寫字樓出租率會因為本地經濟活動恢復,以及「去中環化」的情況下有所增長。
該行又指,相信投資者對公司未來競投加路連山道項目感到樂觀,在目前200億元融資額度,且負債比率不多於20%的情況下,相信公司可以取得項目之主要股權。但因應公司近年發展住宅市場,相信任何新增投資都可以影響其風險及其資產淨值折讓。
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