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《大行报告》大摩降九龙仓置业(01997.HK)评级至「与大市同步」 目标价下调至46元
阿思达克 06-02 11:27
摩根士丹利发表研究报告,指九龙仓置业(01997.HK)股价跑赢市场已反映本港零售销售按年转正,考虑全面复关或押後至今年末季,营业额租金分成贡献带来的上行空间或明年才展现;由於旅游复苏慢过预期,修订估值基础,每股资产净值(NAV)折让由原先30%扩至35%,目标价由50元降至46元,并下调其投资评级由「增持」降至「与大市同步」。在收租股中该行偏好希慎(00014.HK)及领展(00823.HK)。

报告称,公司股价过去六个月跑赢恒指16个百分点,现估值相当於市帐率0.7倍及3.2%股息率。该行料已反映短期正面因素,如零售销售展望改善及疫苗接种推广。历史上公司市盈率与香港零售销售按年增长大致同步,该行料本港零售销售2月在低基数下按年升30%已属最强,今年余下时间增速将放缓。

大摩称,本港疫情改善,时代广场及海港城租户销售短期仍由本地消费主导。该行修订通关预测由原先今年中押後至第四季,即使正式通关,也可能是公司最後的好消息。港府称高疫苗接种率是通关的前题,但进展缓慢。届5月30日,136万人(18.1%)已接种首剂疫苗,本港13.4%人口完成接种疫苗。

报告补充,九龙仓置业办公室板块本年至今表现疲弱,短期料未见起色;源於来自九龙东的竞争,後者新型商厦以较低租金招租。

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