《大行報告》匯豐研究上調九龍倉置業(01997.HK)目標價至49.7元 評級「買入」
匯豐研究發表的報告指,九龍倉置業(01997.HK)去年基礎淨盈利按年跌24%至75億元,大致符該行及市場預期,在派息方面全年派息按年跌28%至每股1.47元。不過該行認為投資者不應聚焦現時的弱勢,留意到去年下半年基礎淨盈利按半年跌幅收窄至6%,而上半年跌幅則達17%,受封關影響旅客消費尚未重現,管理層強調本地消費已大致復甦,並估計2021年租金優惠將較去年少,隨著業務改善可見性增加,該行認為公司可成為零售銷售復甦的重大受益者,維持「買入」評級,目標價由49.2元升至49.7元。
該行指出零售業務環境仍有挑戰,公司旗下兩大商場海港城及時代廣場去年租金收入分別跌28%及22%,貢獻去年租金收入的54%,淨經營現金流亦跌36%,正面來看海港城人流有改善,而時代廣場租戶銷售於去年第四季亦轉正。
該行指出公司採取了多項措施改善業務效率、提升盈利能力,在財務層面截至去年底融資成本降至1.9%,同時公司亦將酒店業務轉向本地市場以收窄虧損,酒店相關收入去年下半年按年跌38%至3.74億元,跌幅較上半年有所收窄。
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