《大行報告》高盛微降信置(00083.HK)目標價至10.6元 評級「沽售」
高盛發表研究報告指,信置(00083.HK)去年12月底止中期每股盈利達0.36元,低於該行預測的0.38元;中期股息為0.15元,按年持平,符合高盛預期。
期內由於房地產銷售下降,信置的物業開發收入及EBITDA分別下降55%及71%,超出該行預期的下降27%及29%;業務EBITDA利潤率下降17個百分點至30%,亦低於高盛預期的31%。至於投資物業方面,收入及EBITDA表現均符合高盛預期,管理層透露社會重新開放後,本港零售業出現改善,酒店業務亦見復甦,入住率有所回升。
計及中期業務及管理層的取態後,高盛將本財年每股盈利下調9%,並將2024至2025財年每股盈利預測上調9%,維持派息為0.57元不變,即2023至2025財年平均派息率約為78%。由於每股資產淨值變化,該行將目標價從10.7元輕微下調至10.6元,並維持「沽售」評級。
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