《大行报告》瑞信上调新世界(00017.HK)目标价至49元 评级「跑赢大市」
瑞信发表研究报告指,新世界发展(00017.HK)2021上半财年基本溢利按年下降5%至约37.2亿元,主要是由於大湾区以外物业发展项目利润率降低所致。
报告指,得益於期内推售的大围地铁站上盖项目柏傲庄第一及第二期录得销售额238亿港元,香港物业合同销售额录263亿港元,已超过全年目标的约200亿元,预期第三期项目将於今年第二季度推售。
该行指出,新世界期内出售非核心资产128亿元,也接近全年目标的130亿至150亿元,在出租率提高下,香港租金收入上半财年增长7.1%,内地租金收入增长3.6%,当中在内地强劲的本地消费势头推动下,5间K11商场的零售额按年增长35%。
瑞信下调新世界内地项目毛利率预测,及考虑香港疫情对租金收入负面影响,将其2021至2022财年的盈利预测分别下调9%及7%,但将2023财年的盈测上调4%,基於维持资产净值(NAV)折让45%为估值基础,目标价由48.7元微升至49元,维持「跑赢大市」评级。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.