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《大行報告》花旗上調恆隆地產(00101.HK)目標價至27.6元 評級「買入」
阿思達克 08-02 10:35
花旗發表的研究報告指,恆隆地產(00101.HK)內地奢侈品零售方面的增長料開始為資產負債表帶來重大影響,相信公司將獲穩定重估,即使基數較高,管理層估計第三季內地零售銷售亦有雙位數增長;而恆隆亦是少數聚焦內地奢侈品零售地產的公司,獨特性值得擁有溢價;而公司在昆明、武漢的新項目以及大連的升級亦將帶來額外增長;估計公司經常性淨利於2021-25年的年複合增長將達10%,帶動每股派息持續上升,重申「買入」評級,目標價由27元升至27.6元。

該行引述管理層在分析員會議上指,對內地零售銷售展望正面,上半年旗下6個奢侈品商場商戶銷售增長介乎65%-232%,花旗相信公司下半年雙位數增長勢頭將持續,而受惠銷售強勁,出租成本亦逐步下降,反映未來數年續租租金情況理想。

該行指出,上半年公司核心淨利升11%至22.2億元,主要受惠內地租賃表現強勁,抵銷香港的弱勢,期內派中期息每股0.18元,好過該行預測。

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