《大行报告》美银证券上调希慎(00014.HK)目标价至36元 评级「买入」
美银证券发表的研究报告指,希慎兴业(00014.HK)在26日收市後召开分析员会议,更新首季表现,整体物业组合出租率维持稳定,而首季租户销售按年增长30%,主要因为去年同期较受疫情影响,而2021年到期的写字楼及零售租约已有40%重新租出或续租,在续租租金方面写字楼录中单位数跌幅,而零售则录14-16%左右的跌幅,均符该行预期。美银证券相信该行的零售租金已见底,重申「买入」评级,认为现时其股息率达4.8%,现价较资产净值折让51%,将其目标价由35元升3%至36元。
该行指出今年首季公司销售反弹30%,与太古广场表现一致,其中时装增长50%,珠宝钟表增长90%,顶级奢侈品牌表现继续理想,而超市销售仅跌3%,同期香港超市整体销售则跌11%。另外租金纾缓比例由去年的20-25%减半至10%,不过相信需要较长时间才可反映在损益表。
在写字楼方面,公司於铜锣湾的续租租金现温和跌幅,主要因为中环写字楼租金亦自高位回落三成,加上中环、港岛东供应增加,该行预期公司未来两年将面对租赁压力,截至首季末公司写字楼出租率为94%,仅较2020年底微跌1个百分点,认为集团有效应对供应方面的挑战,将公司2021-22财年每股盈测降1-8%,以反映利息收入减少及大埔发展项目入帐较慢的影响。(el/a) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.