《大行報告》花旗:九龍倉置業(01997.HK)業績勝預期 目標價上調至56.5元
花旗發表報告指,九龍倉置業(01997.HK)去年業績優於預期,核心盈利雖然按年下跌24%至74.77億元,因下半年的零售租務利潤跌幅較預期細。來自投資物業及酒店的核心盈利跌27%至68.7愈元,表現較該行預測的64.99億元高5%。
該行表示,若投資者相信一旦新冠疫苗完成接種後全球回復正常,市場將有由增長股轉至價值股的輪換,該行視九倉置業為香港地產股中的主要持有股份,因集團對旅客消費有最高的槓桿。
該行又稱,即使估計明年香港銷售市場僅回復至疫情/社會事件前的85%至90%,但相信九倉置業是奢侈品消費的首要代表,將會更早地在今年反映有關復甦,相信只要投資者對疫苗的信心繼續增加,期間即使香港再有新一波疫情及銷售/租務收入疲弱,亦不會對集團股價有太大影響。
花旗維持九倉置業股份首選及「買入」評級,目標價由51.6元上調至56.5元,較資產淨值折讓率由30%收窄至25%。
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