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《大行报告》汇丰研究:九龙仓置业(01997.HK)受惠本港零售复苏 有望续获估值重评
阿思达克 05-27 15:33
汇丰研究发表研究报告,指早前与九龙仓置业(01997.HK)管理层举行会议,认为相较去年,管理层对本港零售业务展望有更积极态度;其本港零售组合销售表现开始跑赢整体市场。相对而言,受惠本地消费贡献,时代广场的租户销售表现较海港城为佳。随着零售销售持续复苏,公司料可减少向租户提供纾困措施,意味今年盈利有望改善,源於去年公司向租户提供总值20亿元支援。倘第三季香港与内地局部通关,则其业务有望加快复苏,予「买入」评级,以资产净值(NAV)折让37%为估值基础,目标价维持49.7元。

报告表示,九龙仓置业是本港零售复苏的核心受惠者,接下来是领展(00823.HK)及希慎(00014.HK)。本年至今本港零售销售按年升7%,扭转去年倒退24%势头。汇丰研究料今年全年本港零售销售升19%,明年增长料放缓至7%。由於业务改善可见度上升,该行认为,投资者尚未充分确认公司获估值重评的潜力。

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