《大行報告》瑞銀降九龍倉置業(01997.HK)評級至「沽售」 削目標價至30.2元
瑞銀發表報告,指即使該行預料香港和內地或於今年底通關,惟相信旅客消費復甦可見度仍未確定,並料本港零售銷售於2025年才可回復至2019年水平,惟較2018年高峰期仍低出約11%。
該行估算,九龍倉置業(01997.HK)疫情下向其零售租戶提供規模6.6億元租金減免,料該優惠將於未來兩至三年時間內攤銷;該行預料,集團在2021年2024年股盈複合年增長率僅2%,該行對其2023至2024年盈測較市場低12%至13%。
瑞銀認為市場未考慮即使年底本港與內地逐步通關,內地旅客消費開支復甦仍疲弱;今年下半年利率或加快上升,致利息開支增加,由於最少三分之一家庭仍需就房屋按揭供款,料對本地非必需品消費構成壓力。該行降其2023及2024年每股盈測分別11%及9%,目標價相應由41元削至30.2元,並將其評級「中性」下調至「沽售」。
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