《大行報告》瑞信上調新世界(00017.HK)目標價至49元 評級「跑贏大市」
瑞信發表研究報告指,新世界發展(00017.HK)2021上半財年基本溢利按年下降5%至約37.2億元,主要是由於大灣區以外物業發展項目利潤率降低所致。
報告指,得益於期內推售的大圍地鐵站上蓋項目柏傲莊第一及第二期錄得銷售額238億港元,香港物業合同銷售額錄263億港元,已超過全年目標的約200億元,預期第三期項目將於今年第二季度推售。
該行指出,新世界期內出售非核心資產128億元,也接近全年目標的130億至150億元,在出租率提高下,香港租金收入上半財年增長7.1%,內地租金收入增長3.6%,當中在內地強勁的本地消費勢頭推動下,5間K11商場的零售額按年增長35%。
瑞信下調新世界內地項目毛利率預測,及考慮香港疫情對租金收入負面影響,將其2021至2022財年的盈利預測分別下調9%及7%,但將2023財年的盈測上調4%,基於維持資產淨值(NAV)折讓45%為估值基礎,目標價由48.7元微升至49元,維持「跑贏大市」評級。
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