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《大行报告》花旗:九龙仓置业(01997.HK)业绩胜预期 目标价上调至56.5元
阿思达克 03-08 16:04
花旗发表报告指,九龙仓置业(01997.HK)去年业绩优於预期,核心盈利虽然按年下跌24%至74.77亿元,因下半年的零售租务利润跌幅较预期细。来自投资物业及酒店的核心盈利跌27%至68.7愈元,表现较该行预测的64.99亿元高5%。

该行表示,若投资者相信一旦新冠疫苗完成接种後全球回复正常,市场将有由增长股转至价值股的轮换,该行视九仓置业为香港地产股中的主要持有股份,因集团对旅客消费有最高的杠杆。

该行又称,即使估计明年香港销售市场仅回复至疫情/社会事件前的85%至90%,但相信九仓置业是奢侈品消费的首要代表,将会更早地在今年反映有关复苏,相信只要投资者对疫苗的信心继续增加,期间即使香港再有新一波疫情及销售/租务收入疲弱,亦不会对集团股价有太大影响。

花旗维持九仓置业股份首选及「买入」评级,目标价由51.6元上调至56.5元,较资产净值折让率由30%收窄至25%。

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