《大行報告》裏昂上調信置(00083.HK)目標價至13.4元 評級「買入」
裏昂發表報告上調信置(00083.HK)目標價,由12.1元上調至13.4元,評級維持「買入」。該行指,信置租務除息稅前溢利(EBIT)按年升3.4%,酒店營運EBIT亦轉正,全年正常股息按年升3.6%至0.57元,符合該行預期。淨現金進一步升至415億元,相等於市值46%。
報告指,信置在現財年僅於新加坡購入兩幅總值22億元的土地,並無在香港購入土地。在香港實現237億元毛合約銷售,且因將有5個項目預備開售,料合約銷售動力將延續至2023財年。若公司明年沒有大型土地購入,淨現金水平料將進一步上升。
裏昂認爲,淨現金使信置在加息環境下取得優勢,縱使土地購買慢於預期,相信維持保守做法爲更佳選擇,因土地購入不會即時帶來回報,充足現金不但有助對衝部分加息風險,並提供多個選項,包括派息及股份回購,以增加股東回報。
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