《大行報告》花旗上調新世界(00017.HK)目標價至48.2元 評級「買入」
花旗發表報告,重申將新世界(00017.HK)列為其首選之一,因新世界擁有多個驅動因素,其生態系統開始實現額外變現增長,預期跨業務銷售協同效應顯現。
報告指,過去幾年新世界一直在構建集團體系內的生態系統,雖然現時尚在起步階段,但目前會員數量已起過1,400萬人,業務涵蓋用戶日常生活,旗下K11推出的K Dollar消費計劃,預計用戶每消費1個K Dollar,將推動商場約4至5倍的零售額。另外,富通保險與香港零售業務的交叉銷售在2020年的收入較2017至2019年的平均水平增長17倍,亦反映出協同效應強勁。
該行指,集團目標2020至2025財年的租賃收入可實現接近20%的複合增長率,加上今年已提前完成出售非核心出售目標約13億至15億元的目標,釋放資產價值,考慮到在經營困難的環境下公司仍承諾保持穩定派息,提高收益率穩定的信心。基於每股資產淨值45%折讓,將目標價由47.7元提升至48.2元。
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