《大行報告》匯豐研究上調嘉里建設(00683.HK)目標價至25.4元 評級「買入」
匯豐研究發表報告指,從股息角度而言,嘉里建設(00683.HK)估值相當具吸引力,維持「買入」評級,目標價由25.2元上調至25.4元。
報告指,嘉里向順豐出售嘉里物流(00636.HK)股權後,可以收取逾110億元款項,其中部分資金將在10月通過分配2.3元的特別股息直接返還給股東,相信將有助於嘉里將資金投放更高增長前景的新項目。
鑒於嘉里在香港的物業銷售業績令人滿意,以及在內地的租賃業務的良好復甦,匯豐研究估計其2021年的股息收益率為18.3%,撇除特別股息則為6.8%,將是同行中收益率最高之一。該行上調今年盈測0.9%,下調明年盈測10.5%,以反映公司在本港豪宅項目銷售。
該行補充,與同業置地公司相似,公司早前宣布有意回購,管理層認為現股價未體現公司實際價值,該行料在近期板塊氣氛疲弱下,舉措可對公司股價帶來支持。嘉里建設現股價相當於資產淨值(NAV)折讓65%,預測今年市賬率0.24倍及預測市盈率6.1倍。
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