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《大行报告》花旗上调越秀房托(00405.HK)目标价至3.8元 评级「中性」
阿思达克 03-05 11:00
花旗发表研究报告指,越秀房托(00405.HK)租用率和租金提升,意味今年前景较好,不过武汉资助因素消退,维持「中性」评级,目标价由3.64元升至3.8元。

该行预期越秀房托今年物业收入净额(NPI)改善,派息增加15%,主要受惠酒店租用率在去年12月升至83.3%,今年目标超90%;广州IFC租金提升;白马大厦批发销售去年下半年增长5%,租金有提升空间;武汉与上海办公室今年目标租用率为95%(2020年分别87.1%及92.6%);财务成本节省5,500万元人民币。不过,因应武汉物业补贴因素消除,令派息有下行风险。

该行又指,公司因应再融资和HIBOR下降,令融资成本下降,料今年会再节省4200万元人民币,管理层预期今年融资成本介乎2.5%至2.7%。去年底负债比率降至38.6%,去年资本开支约4,700万元人民币,管理层料今年介乎4,000万至5,000万元人民币。因处於低息环境,公司正寻找收购机会。

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