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長期穩增長展現價值 新世界發展(0017.HK)績後獲多家券商看好
格隆匯 04-13 13:23

廣發證券首次覆蓋新世界發展(0017.HK),該行稱公司低槓桿、高分紅,持有型物業加速落地,高質量核心資產,未來有望持續獲得增長,予其”買入“評級及目標價40.38 港元。公司14財年以來收入規模穩定在550-700億,22財年中期收入為355.73億港元;過去5年公司平均派息率約50%,平均股息率5.9%;21年財年股息率為6.5%。21財年末公司有息負債同比降8%,平均借貸成本2.94%,借貸成本低;22財年中期公司銷售金額154億港元(匯率按照0.81計算),預計全年銷售在300億港元。以K11為代表的持有運營項目為公司未來增長的核心,21年物業投資實現收入47億港幣,目前單項目平均租金收入超過2.8億港幣,運營表現優異。

中達證券發研報,維持新世界發展“買入”評級,予目標價43.9港元。公司在深圳太子灣等高毛利項目結算等帶動公司毛利率同比提升2.1pct至28.3%,帶動公司盈利能力進一步提升。公司成功於深圳、廣州收購3個項目,且受益於北部都會區發展,多元拓儲穩步推進。2022財年上半年,K11銷售額繼續領先整體零售市場,香港、內地K11銷售額分別同比提升21%、39%,隨着防疫措施放寬、消費券發放將持續提振投資物業收入。

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