《大行報告》匯豐研究下調九龍倉置業(01997.HK)目標價至47.2元 評級「買入」
匯豐環球研究發表報告指,九龍倉置業(01997.HK)上半年業績表現較預期疲弱,基本溢利較去年下半年跌10%,中期股息率減幅收窄至3%。該行相信,租務業務的最壞時期已過,舖位出租情況理想,不用提供租金優惠,相信有助九龍倉置業回復至正增長。該行並指,從租務營運毛利率回復、投資物業公平值虧損減少、租金收入上升,以及借貸成本改善,可見業務正在復甦,維持「買入」評級。
該行同時下調九龍倉置業2021年至2023年盈測6%至8%,以反映香港零售租務欠佳,惟低利息成本可部份抵銷,目標價相應自50.5元下調至47.2元,每股資產淨預測亦自80.2元下調至74.9元。
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