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《大行報告》匯豐研究:九龍倉置業(01997.HK)受惠本港零售復甦 有望續獲估值重評
阿思達克 05-27 15:33
匯豐研究發表研究報告,指早前與九龍倉置業(01997.HK)管理層舉行會議,認為相較去年,管理層對本港零售業務展望有更積極態度;其本港零售組合銷售表現開始跑贏整體市場。相對而言,受惠本地消費貢獻,時代廣場的租戶銷售表現較海港城為佳。隨著零售銷售持續復甦,公司料可減少向租戶提供紓困措施,意味今年盈利有望改善,源於去年公司向租戶提供總值20億元支援。倘第三季香港與內地局部通關,則其業務有望加快復甦,予「買入」評級,以資產淨值(NAV)折讓37%為估值基礎,目標價維持49.7元。

報告表示,九龍倉置業是本港零售復甦的核心受惠者,接下來是領展(00823.HK)及希慎(00014.HK)。本年至今本港零售銷售按年升7%,扭轉去年倒退24%勢頭。匯豐研究料今年全年本港零售銷售升19%,明年增長料放緩至7%。由於業務改善可見度上升,該行認為,投資者尚未充分確認公司獲估值重評的潛力。

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