《大行報告》高盛升太古地產(01972.HK)評級至「買入」 目標價上調至29.3元
高盛發表研究報告指,由於憂慮本港辦公室租金下行壓力,太古地產(01972.HK)本年至今股價疲弱。即使通關前需求料難顯著復甦,該行留意到初步回穩跡象,辦公室吸納量重回正數,屬2019年中以來首見。據該行高頻租務數據指,太地旗下港島東中心組合辦公室租金回升,管理層亦指過去數月在佔用率全滿下,續租租金重拾升勢。
報告稱,自2019年中社會動盪以來,公司展現強勁組合管理能力,容許其持續去中心化趨勢,港島東中心租金累跌僅13%,跑贏中環、灣仔、銅鑼灣及尖沙咀各逾30%的跌幅。此外,太地租金趨勢跑贏本地其他辦公室收租股,但未反映於股價,過去兩年太地股價跟隨板塊下跌(約35%至40%),相信呈現價值投資機遇。
高盛表示,公司成功出售380億元舊/非核心資產,所得資金用於發展更多中港旗艦項目,未來一至兩年料開始貢獻收入,遍及北京、上海及香港等。該行料太地盈利將重新加快,由去年跌7%,改善至今年升5%,明年盈利增幅料加快至10%以上,現時EBITDA逾90%來自經常性租金收入,亦較過去穩定。
報告指太地估值吸引,現價較每股資產淨值(NAV)折讓51%,明年預測股息率達4.5%。該行料辦公室租金逐漸復甦,本港及內地商場零售改善,以及預租活動有進一步進展,將成為未來估值重評的催化劑。該行修訂2021至2023年每股基本盈測8%-18%,目標價由25元升至29.3元,投資評級由「中性」升至「買入」。
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