《大行報告》匯豐研究上調九倉(00004.HK)目標價至24.4元 評級「持有」
匯豐研究發表研究報告指出,九倉(00004.HK)上半年基礎淨盈利4億元,低過市場預期的24億元,但扭轉去年同期的虧損4億元,業績疲弱主要由於發展物業資產減值撥備。中期息維持20仙不變。6月底止公司淨負債率下降至6.7%,去年12月為7.9%。如將公司長期股權投資計入現金,則錄淨現金狀況439億元。
該行認為,九倉在母公司強勁支持下,加上其財務狀況,應可在宏觀不利環境下提供高度防禦,支持股價。對其2022至2024財年的盈利預測分別上調4%至下調41%,以納入發展物業減值撥備及銷售額較低的預測。維持對其「持有」評級,目標價由22.9元升至24.4元,以反映對其租賃業務租金增長更強的假設。
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