《大行報告》摩通升九龍倉置業(01997.HK)評級至「增持」 目標價上調至45元
摩通發表報告指,雖然面臨第五波疫情的挑戰,但相信九龍倉置業(01997.HK)股價已經反映最差的情況,並且自1月底以來表現出高度的韌性。該行認爲,九置營業額租金貢獻比例較高,對重新開業後租戶銷售情況的改善具有較高的敏感性,而2021財年的大力宣傳活動或令租金利潤已見底,將其評級由「減持」升至「增持」,目標價由35.7元上調至45元。
對於對租戶的租金減免幅度是否會與2020年給予的減免幅度類似。該行認爲,九龍倉置業2022年支持租戶的租金減免幅度會更小,因爲估計主要商場的零售租金已經下降了25%以上。假設租戶相同,在較低的租金成本上,租戶的抗風險能力應該比2020年更強。
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