《大行報告》大摩降九龍倉置業(01997.HK)評級至「與大市同步」 目標價下調至46元
摩根士丹利發表研究報告,指九龍倉置業(01997.HK)股價跑贏市場已反映本港零售銷售按年轉正,考慮全面復關或押後至今年末季,營業額租金分成貢獻帶來的上行空間或明年才展現;由於旅遊復甦慢過預期,修訂估值基礎,每股資產淨值(NAV)折讓由原先30%擴至35%,目標價由50元降至46元,並下調其投資評級由「增持」降至「與大市同步」。在收租股中該行偏好希慎(00014.HK)及領展(00823.HK)。
報告稱,公司股價過去六個月跑贏恆指16個百分點,現估值相當於市帳率0.7倍及3.2%股息率。該行料已反映短期正面因素,如零售銷售展望改善及疫苗接種推廣。歷史上公司市盈率與香港零售銷售按年增長大致同步,該行料本港零售銷售2月在低基數下按年升30%已屬最強,今年餘下時間增速將放緩。
大摩稱,本港疫情改善,時代廣場及海港城租戶銷售短期仍由本地消費主導。該行修訂通關預測由原先今年中押後至第四季,即使正式通關,也可能是公司最後的好消息。港府稱高疫苗接種率是通關的前題,但進展緩慢。屆5月30日,136萬人(18.1%)已接種首劑疫苗,本港13.4%人口完成接種疫苗。
報告補充,九龍倉置業辦公室板塊本年至今表現疲弱,短期料未見起色;源於來自九龍東的競爭,後者新型商廈以較低租金招租。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.