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《大行報告》美銀證券上調希慎(00014.HK)目標價至36元 評級「買入」
阿思達克 05-27 09:51
美銀證券發表的研究報告指,希慎興業(00014.HK)在26日收市後召開分析員會議,更新首季表現,整體物業組合出租率維持穩定,而首季租戶銷售按年增長30%,主要因為去年同期較受疫情影響,而2021年到期的寫字樓及零售租約已有40%重新租出或續租,在續租租金方面寫字樓錄中單位數跌幅,而零售則錄14-16%左右的跌幅,均符該行預期。美銀證券相信該行的零售租金已見底,重申「買入」評級,認為現時其股息率達4.8%,現價較資產淨值折讓51%,將其目標價由35元升3%至36元。

該行指出今年首季公司銷售反彈30%,與太古廣場表現一致,其中時裝增長50%,珠寶鐘錶增長90%,頂級奢侈品牌表現繼續理想,而超市銷售僅跌3%,同期香港超市整體銷售則跌11%。另外租金紓緩比例由去年的20-25%減半至10%,不過相信需要較長時間才可反映在損益表。

在寫字樓方面,公司於銅鑼灣的續租租金現溫和跌幅,主要因為中環寫字樓租金亦自高位回落三成,加上中環、港島東供應增加,該行預期公司未來兩年將面對租賃壓力,截至首季末公司寫字樓出租率為94%,僅較2020年底微跌1個百分點,認為集團有效應對供應方面的挑戰,將公司2021-22財年每股盈測降1-8%,以反映利息收入減少及大埔發展項目入帳較慢的影響。(el/a) ~

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