《大行報告》摩通升恆隆地產(00101.HK)評級至「增持」 目標價上調至24元
摩通發表的研究報告指,恆隆地產(00101.HK)中期派息十一年來首次提升,令人感驚喜,同時亦反映了管理層的信心。該行指出公司今年以來股價表現是行內最差,主要因爲投資者憂慮關口重開或拖累在岸市場奢侈品消費,不過該行認爲公司業績表現反映恆隆執行能力強勁,同時在內地奢侈品零售市場亦有獨特接觸面;相信受惠新商場及利潤擴張,盈利增長具可見性。將評級由「中性」升至「增持」,目標價由20.8元升至24元。
該行指出,公司有逾65%租金收入是來自內地商業物業,相信公司在內地高端消費上有獨特地位,認爲其估值不貴,料2020-23財年其內地租賃溢利年複合增長可達15%,發生的可能性較高且致策風險有限。管理層亦暗示前景將有改善,而商場營運亦好過預期,相信公司可重拾市場關注。
該行指出,於昆明及武漢的新商場有令人鼓舞的表現,分別僅需五個月及三個月就達收支平衡。考慮到直至2023年均無重大投資物業開業,估計公司內地經營利潤改善情況未來兩年亦將持續,同時考慮到自2019年上半年至今年上半年,租戶銷售增長三倍,而出租成本亦處合適水平,相信中期可爲基本租調整帶來緩衝。(el/u) ~
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