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《大行報告》匯豐研究降太古地產(01972.HK)及嘉裏建設(00683.HK)評級至「持有」 下調置地及冠君(02778.HK)至「減持」
匯豐研究發表報告指,雖然近期有關新聞均屬正面,但本港商業地產行業仍面對很多特定的行業挑戰,其中供應是最大問題,預期明年將有二十年來最多的寫字樓新供應進入市場,但正在下行的市場需求未見有大幅好轉。 該行同時對零售租金持悲觀態度,由於本地消費疲弱及宏觀挑戰,估計明年零售租金將下降最多3%(早前爲增長3%至5%)。另外,匯豐亦關注其認爲是主要但被忽視的問題,即有關股份削減派息的風險,因將會對股價表現有負面影響。 報告檢視數個指標以確定行業潛在的下行風險,並估計未來一年該行覆蓋範圍內的公司約有25%有調整每股派息/單位分派的風險。收租股及房託中,匯豐更喜好零售類而非寫字樓類別。 匯豐研究調整本港地產股目標價及部分評級(另見表),包括將太古地產(01972.HK)及嘉裏建設(00683.HK)評級由「買入」降至「持有」,置地及冠君產業信託(02778.HK)由「持有」下調至「減持」。
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