《大行报告》大摩升希慎(00014.HK)评级至「增持」 目标价上调至36元
摩根士丹利发表研究报告,指希慎(00014.HK)股价过去六个月大幅跑输同业九龙仓置业(01997.HK)。在近期本地零售改善、剔除加路连山道地皮的不确定性、以及估值吸引,目标价由31元升至36元,评级由「与大市同步」上调至「增持」。
该行指出,虽然加路连山道项目价钱较高,但可以减少现有铜锣湾资产定价压力,公司亦於去年发行105亿元的永续债,但未有运用所得资金作投资,在是次收购後,可以令资产负债表更具效率。
大摩又称,公司租户销售於首季稳定复苏,跑赢香港整体市场,但仍低於高峰期时20%至30%水平,今年租金优惠幅度(现金基础)料较去年收缩一半,其以市盈率计估值应跟随本港零售销售增长评估。
该行表示,预期今年希慎股息率为4.8%,高於九龙仓置业的3.6%,而以过去纪录来看,公司一直都有稳定的每股派息。该行降希慎2021至2023年每股盈测6%至9%,以反映买地後净利息开支增加,以及租金收入下降预期。
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