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《大行報告》花旗微降希慎(00014.HK)目標價至29元 評級「買入」
花旗發表報告指,希慎(00014.HK)是繼九倉置業(01997.HK)後第二間對香港奢侈品零售業務影響最大的香港房地產公司,並應會從中國的全面重新開放中受惠。不過,其相對較高的債務和永續證券敞口亦會增加其利息支出,令其盈利需要更長的時間才能恢復到疫情前的水平。 該行認為,在重新開放後整體情緒回升的幫助下,希慎的目標是在2023至2025財年維持每股1.44元的穩定派息。考慮到投資物業的較低利潤率,該行維持「買入」評級,目標價由29.2元微降至29元。 花旗預計至2023財年12月其租戶銷售額可以恢復到疫情前的85至90%水平。另外,希慎亦正推進多個發展項目,包括香港加路連山路項目及上海甲級寫字樓物業,又與IWG成立合資企業發展靈活工作空間市場等。不過,這些項目仍然需時交付才能獲得盈利,惟目前需面對更高利息支出的直接影響。
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