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《大行报告》汇丰研究上调九龙仓置业(01997.HK)目标价至49.7元 评级「买入」
阿思达克 03-05 11:06
汇丰研究发表的报告指,九龙仓置业(01997.HK)去年基础净盈利按年跌24%至75亿元,大致符该行及市场预期,在派息方面全年派息按年跌28%至每股1.47元。不过该行认为投资者不应聚焦现时的弱势,留意到去年下半年基础净盈利按半年跌幅收窄至6%,而上半年跌幅则达17%,受封关影响旅客消费尚未重现,管理层强调本地消费已大致复苏,并估计2021年租金优惠将较去年少,随着业务改善可见性增加,该行认为公司可成为零售销售复苏的重大受益者,维持「买入」评级,目标价由49.2元升至49.7元。

该行指出零售业务环境仍有挑战,公司旗下两大商场海港城及时代广场去年租金收入分别跌28%及22%,贡献去年租金收入的54%,净经营现金流亦跌36%,正面来看海港城人流有改善,而时代广场租户销售於去年第四季亦转正。

该行指出公司采取了多项措施改善业务效率、提升盈利能力,在财务层面截至去年底融资成本降至1.9%,同时公司亦将酒店业务转向本地市场以收窄亏损,酒店相关收入去年下半年按年跌38%至3.74亿元,跌幅较上半年有所收窄。

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