大和:維持九置(1997.HK)目標價50.5港元 評級“買入”
大和發表研究報吿指,九龍倉置業(1997.HK)去年基礎盈利按年下跌24%至74.8億港元,主要由於零售租金下跌26%;辦公室租金跌2%,以及酒店部門亦虧損3.79億港元。該行認為,集團面臨的營運風險正在減少,當整體經營環境改善,集團將處於有利於盈利恢復的位置。大和維持集團目標價50.5港元以及“買入”評級。
大和表示,集團去年純利79億港元,符合該行預期。由於內地旅客消費,佔海港城銷售額逾50%,因此去年海港城的零售收入按年跌28%。不過,商場仍能吸引到新的租户,表明集團的營銷活動等得到商户和消費者的支持。海港城的規模在零售地產領域屬獨一無二,即使面對比香港任何零售物業都更大的挑戰,該行認為最困難的時間可能已經過去,而商場亦能吸引到本地消費者。
該行將集團2021至2022年的每股盈利和純利預測微調5%至6%,以反映遊客訪港的不確定性。整體而言,該行認為,九置克服未來挑戰的能力,對其中長期的估值十分重要。如果公司證明可以克服因缺乏遊客消費的挑戰,其零售物業管理能力最終將能得到市場認可。

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