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《大行報告》匯豐研究上調ESR(01821.HK)目標價至33元 評級「買入」
阿思達克 03-25 12:10
匯豐發表研究報告指,ESR(01821.HK)去年核心PATMI略勝預期,受惠撇除重估及更佳成本控制後投資板塊表現改善。合併前業績反映ESR各地區組合基本表現持續強勁。管理層亦披露集團整體列帳財務資料,反映ARA資產業務強勁表現。由於未來18個月ESR三項核心發展基金將落地,料未來推廣費用收入將成為集團層面重要收入來源,料佔整體費用收入逾20%。 即使面對較高基數,管理層指引今年轄下管理資產規模有介乎約13%至18%增長,亦料逾10億美元資產剝離,發展項目完成料按年增30%至50%。 另外,ARA資產整合工作正持續推進;料未來收入可呈現協同效應。該行將ESR目標價由32元升至33元,維持「買入」評級。
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