《大行報告》美銀證券下調九倉(00004.HK)目標價至24元 評級「買入」
美銀證券發表研究報告,指九倉(00004.HK)去年業績遜預期,主因入賬時間的落差,重申「買入」評級,目標價下調4%至24元。
該行指,九倉目前估值吸引(現價較NAV折讓70%,市賬率0.4倍)、內地商場租賃市場展望強勁,加上公司持有大量山頂區的地皮,相信會受惠香港住宅市場強勁反彈。雖然公司持有大量證券資產組合(價值670億元),或在市況波動中出現虧損,不過其組合價值和增長前景仍然良好。美銀證券將九倉今年的資產淨值預測調高12%至每股63元,但同時將NAV折讓目標由55%擴闊至62%,以反映上市證券所佔比重。
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