《大行報告》大摩升希慎(00014.HK)評級至「增持」 目標價上調至36元
摩根士丹利發表研究報告,指希慎(00014.HK)股價過去六個月大幅跑輸同業九龍倉置業(01997.HK)。在近期本地零售改善、剔除加路連山道地皮的不確定性、以及估值吸引,目標價由31元升至36元,評級由「與大市同步」上調至「增持」。
該行指出,雖然加路連山道項目價錢較高,但可以減少現有銅鑼灣資產定價壓力,公司亦於去年發行105億元的永續債,但未有運用所得資金作投資,在是次收購後,可以令資產負債表更具效率。
大摩又稱,公司租戶銷售於首季穩定復甦,跑贏香港整體市場,但仍低於高峰期時20%至30%水平,今年租金優惠幅度(現金基礎)料較去年收縮一半,其以市盈率計估值應跟隨本港零售銷售增長評估。
該行表示,預期今年希慎股息率為4.8%,高於九龍倉置業的3.6%,而以過去紀錄來看,公司一直都有穩定的每股派息。該行降希慎2021至2023年每股盈測6%至9%,以反映買地後淨利息開支增加,以及租金收入下降預期。
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