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《大行報告》瑞銀下調九龍倉置業(01997.HK)目標價至38.3元 評級「沽售」
阿思達克 08-06 10:41
瑞銀發表報告,下調九龍倉置業(01997.HK)2021年至2023年盈利預測1%至4%,目標價相應由40元略微下調至38.3元,因今年上半年的業績低於預期,而且邊境重開的時間可能因最近澳門和中國疫情推遲。 瑞銀指,九龍倉置業中期核心盈利跌15%,較該行預測低5%。儘管過去12個月本地消費復甦,按年增長8.4%,但旗下三大商場上半年的零售租金收入仍按年下降約11%至34億元,該行認為公司2020年30%的高租戶租金對銷售比率是不可持續,維持「沽售」評級。 該行又指,海港城、時代廣場、荷里活廣場的零售出租率基本沒有變化,截至2021年6月分別為91%、92%、96%,而截至2020年12月為90%、93%、95%。然而,該行認為實際收入的出租率應該更低,因為公司已將海港城和時代廣場的幾個空置店面改造成優惠券兌換中心和短期展覽空間。
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