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《大行報告》瑞信上調九龍倉置業(01997.HK)目標價至45.5元 評級維持「中性」
阿思達克 03-05 10:09
瑞信發表研究報告指,九龍倉置業(01997.HK)去年基礎純利按年下跌23.6%,較該行及市場預期分別高出4%及1%,主要由於蘇州國際金融中心第一期落成所帶動。

期內九龍倉置業來自海港城及時代廣場的零售租金收入分別按年下降28%和22%,惟該行指出,去年第四季度零售表現有所改善,時代廣場第四季度銷售恢復增長,預期租金下調情況仍然持續,但幅度將收窄。

該行指,九龍倉置業去年寫字樓出租情況較管理層預期慢,令去年下半年出租率下降,主要受新供應及疫情下在家工作趨勢所影響。瑞信認為,若能重新通關,奢侈品零售市場料受益更多,九倉置業股價將更有條件上漲。

惟瑞信指出,鑑於九倉置業每股資產淨值折讓接近歷史平均水平的0.5個標準差,認為疫情後市道復甦後利好因素已大致反映在股價之上,將目標價上調由45.3元升至45.5元,維持「中性」評級。

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