《大行報告》美銀證券下調九倉(00004.HK)目標價至30.5元 評級「買入」
美銀證券發表研究報告,指九龍倉集團(00004.HK)雖然主營業務短期前景有些不確定,但相信其估值較資產淨值折讓達56%,具有吸引力。
該行亦相信大股東會德豐或增持股份,會德豐於2020年至2021年下半年增持九倉9%權益,至持股59%,應使九倉跑贏大市。
該行稱,九倉投資組合高達530億元,在股市波動下持有大量投資,令人擔憂,但公司在2021年下半年出售30%的投資組合,並獲得54億元收益,相信繼續出售變現。美銀將九倉目標價由32元下調至30.5元,評級「買入」。
報告稱,九倉去年核心純利按年升17%至36億元,較該行預期低8%,倘撇除額外撥備,則高於該行預期7%。該行降九倉2022至2023年核心純利預測6%至16%,以反映投資收益下降預期。
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