《大行報告》美銀證券:九倉(00004.HK)估值吸引潛在獲母企支持 評級「買入」
美銀證券發表研究報告指,雖然九龍倉(00004.HK)面臨經營挑戰,內地物業發展業務受阻,但預期股價仍然可獲得母公司會德豐的潛在增持所支持。
上半年內地物業發展業務收入按年下降29%至49.9億元,合約銷售額下跌60%至22.7億元人民幣,管理層亦承認今年不太可能實現90億元人民幣銷售目標。
該行指出,九龍倉在中國的物業發展項目大多位於杭州、蘇州等較熱門城市,雖然在中國的物業發展及投資業務都不太積極,但在港擁有穩定的物業發展業務,預期強勁的資產負債表將令公司在市況低迷時期仍處於有利地位。
美銀指,九龍倉估值對每股資產淨值有約53%折讓,屬較吸引水平,給予目標價33元,較遠期每股資產淨值有約45%折讓,並維持「買入」評級。
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