一文綜合大行於恆隆地產(00101.HK)公布業績後最新評級、目標價及觀點
阿思達克 02-01 11:41
恆隆地產(00101.HK)昨日(31日)中午公布截至去業績，昨日股價下滑5.3%，今早股價略回升逾1%。摩根大通表示，恆隆地產將受惠於內地新冠防控放寬及內地與香港通關，管理層亦指今年1月為公司內地業務另一個破紀錄月份，香港零售銷售亦見顯著復甦。該行料恆隆地產今年的續約將見租金上調。該行相信若強勁零售銷售持續至上半年，料恆隆地產機會增加派息，該行亦上調對恆隆地產目標價由15.5元至17.5元，維持「增持」評級。該行亦認為，外遊對恆隆地產的影響低於市場預期。
公司公布去年營業額按年升0.3%至103.47億元，；純利按年跌0.8%至38.36億元。每股盈利0.85元，派每股末期息0.6元，按年持平。連同中期息0.18元，全年每股派息0.78元按年持平。期內基本純利減少3.8%至41.99億元，每股基本盈利0.93元。營業溢利跌1.6%至72.53億元。去年整體租賃收入減少3%至100.31億元。內地物業組合租賃收入按人民幣計值升1%，按港幣計值則跌3%，香港物業組合錄得3%租賃收入跌幅。
公司料今年第二季推出電氣道228號最新香港辦公樓項目，香港「皓日」預售收入可望於下半年完成交易後入賬。內地物業發展業務方面，高端服務式寓所品牌「恆隆府」將陸續公開銷售，武漢「恆隆府」首批單位預計今年交付。
【1月營運改善 摩通升目標價】
匯豐環球研究表示，上調對恆隆地產今年及明年盈利預測2.5%至3.3%，反映零售租賃上升及毛利率假設擴張，同時更新對物業銷售假期。該行上調對該股目標價15%至18.9元，並維持「買入」評級，予其目標價為對其每股資產淨值折讓35%。
瑞銀指，恆隆地產去年基本純利42億元，低於市場共識的44億元，主要受內地租賃收人減少及行政成本上升影響。該行因而下調對公司今明兩年盈利預測19%，同時反映內地服務式住宅銷售延後的影響。該行認為，恆隆地產股價短期欠缺正面催化劑，近期與投資者溝通顯示內地市場重啟已大致於股價上反映，同時國際邊境重開及近期零售銷售反彈的可持續性仍為最主要憂慮，基於原來困於內地的奢侈消費或再度流出離岸市場。該行下調對恆隆地產目標價至21.1元，維持「買入」評級。
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本網最新綜合7間券商對其投資評級及目標價，4間券商上調目標價，1間券商下調目標價：
券商│投資評級│目標價(港元)
瑞銀│買入│23.3元->21.1元
海通國際│優於大市│19元->19.6元
匯豐環球研究│買入│16.4元->18.9元
摩根大通│增持│15.5元->17.5元
摩根士丹利│增持│16.5元->17.5元
花旗│買入│17.2元
富瑞│持有│16元
券商│觀點
瑞銀│去年業績遜預期，農曆新年零售銷售強勁復甦
海通國際│最壞情況已過，1月見良好復甦
匯豐環球研究│業務重拾動力
摩根大通│按半年度復甦遭人民幣貶值抵銷，關注1月強勁業務後續
摩根士丹利│派息符預期，內地租賃EBIT遜預期
花旗│去年業績符預期，派息穩定
富瑞│內地投資物業表現遜預期，每股盈利符預期
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