《大行报告》花旗上调新世界(00017.HK)目标价至48.2元 评级「买入」
花旗发表报告,重申将新世界(00017.HK)列为其首选之一,因新世界拥有多个驱动因素,其生态系统开始实现额外变现增长,预期跨业务销售协同效应显现。
报告指,过去几年新世界一直在构建集团体系内的生态系统,虽然现时尚在起步阶段,但目前会员数量已起过1,400万人,业务涵盖用户日常生活,旗下K11推出的K Dollar消费计划,预计用户每消费1个K Dollar,将推动商场约4至5倍的零售额。另外,富通保险与香港零售业务的交叉销售在2020年的收入较2017至2019年的平均水平增长17倍,亦反映出协同效应强劲。
该行指,集团目标2020至2025财年的租赁收入可实现接近20%的复合增长率,加上今年已提前完成出售非核心出售目标约13亿至15亿元的目标,释放资产价值,考虑到在经营困难的环境下公司仍承诺保持稳定派息,提高收益率稳定的信心。基於每股资产净值45%折让,将目标价由47.7元提升至48.2元。
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