《大行報告》匯豐研究下調恆隆地產(00101.HK)目標價至21元 評級「買入」
匯豐研究發表報告指,恆隆地產(00101.HK)去年業績顯示雖然公司盈利增長溫和,但仍處於股息增長週期中。由於中國內地的租金組合抵銷香港的疲軟表現,租金收入能持續穩健增長,維持「買入」評級,目標價由22.1元調低至21元,繼續是其行業首選之一。
報告指,恆隆地產公佈了2021財年業績,基本盈利按年增長4%至44億元,低於市場共識的47億元。而去年下半年內地購物中心組合的租戶銷售增長依然強勁,管理層有信心租戶的銷售增長持續,並在今年至少達到高單位數。在omicron爆發後,該行料奢侈品消費迴流內地的結構性趨勢將讓公司受益,或在未來幾年推動租金收入的增長。
另外,匯豐研究將恆隆地產2022年至2023年盈利預測下調6%至7%,主要反映香港投資組合的租金利潤較低和利息支出較高。
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