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《大行報告》里昂下調恆隆地產(00101.HK)目標價至18.7元 評級「買入」
阿思達克 02-06 15:30
里昂發表研究報告指,恆隆地產(00101.HK)去年純利比該行預期低14%,不過,儘管疫情下內地封城,其核心的中國租賃業務表現良好。儘管中國重新開放可能會將部分奢侈品消費轉移至海外,但該行認為,由於較低的基數以及消費者習慣和奢侈品全球定價和供應格局的有利變化,集團能夠很好地減輕影響。該行將恆隆地產2023及2024財年的盈測分別下調14.7%及19.4%,是考慮到稍後的物業銷售,並將目標價從20元下調至18.7元,重申「買入」評級。 該行表示,內地各線城市的餐飲、票房、本地旅遊、高端線下零售全面恢復,達到甚至超過2019年水平,這與恆隆1月內地商場雙位數客流量和零售額增長一致。該行相信疫情已經過去,當地的購物活動已經正常化。儘管中國消費者的出境遊可能會將部分在岸奢侈品消費轉移至海外,但該行認為,消費需求正在恢復,加上消費者已經習慣線上購物,與疫情前相比,產品種類有顯著改善,另外,奢侈品牌的策略導致增值稅退稅後的價格差距縮小了約20%。這些都有助於減輕奢侈品消費轉移至海外的影響。
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