《大行報告》花旗上調九倉(00004.HK)目標價至21元 評級「中性」
花旗發表報告指,自從吳氏家族去年成功將會德豐私有化後,中期而言料九倉(00004.HK)不再成為私有化的目標,但相信九倉集團仍然忙於企業行動,估計下一行動為從吳氏家族收購會德豐地產。
該行相信,吳氏家族可能會按賬面價值將香港會德豐地產出售予九倉,以將現金回籠。而會德豐地產由九倉持有亦是合理,因地產發展有密集資本需求、由家族直接持有的風險高,且上市公司持有可降低融資成本。
由於收益率僅3%,相對地不吸引,加上對香港豪宅市場的前景看法審慎,花旗維持對九倉股份的「中性」評級,目標價由20.4元上調至21元,以反映其股權投資上升,令資產淨值折讓假設由60%升至65%。
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