《大行報告》匯豐研究下調世茂集團(00813.HK)目標價至22.9元 評級「買入」
匯豐研究發表的報告指,世茂集團(00813.HK)中期業績表現強勁,估計將鋪路獲重估,維持「買入」評級,目標價由24.3元降至22.9元。
該行指出公司中期業績穩健,為重振市場信心的第一步,自去年11月公司調低增長指引後,今年首八個月股價累跌38%,樂見公司核心溢利錄雙位數增長,而每股派息亦有增長等,相對同業而言表現理想。因此相信公司股價應見底,並將鋪路獲重估,不過過程或較慢。管理層的意見具連貫性,維持雙位數增長指引,該行認為在現有的具挑戰的市場環境下屬合理。
該行在土儲策略方面維持審慎,相信將為增長帶來憂慮,匯豐認為現有土儲足夠帶動增長,而管理層指出下半年隨著土地市場回復理性購地機遇增加,不過公司表明不會投資於高地價項目,相信策略將被投資者欣賞。
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