交銀國際:新世界發展中期業績符預期疊加降槓桿計劃或提升股價 維持“買入”評級和33港元目標價
格隆匯2月27日丨交銀國際發研報指,新世界發展(0017.HK)2023財年中期業績大致符合預期,其中總收入同比增加13%至401.9億港元,主要受房地產開發(收入同比增 20.7%)和基建(收入同比增 28.8%)帶動。此外,業績發佈會上,管理層表示淨負債率已於2022年12月見頂,預計將在2023年6月下降至約 45%以下,而 2024年6月將進一步下降至略高於40%。管理層強調不會考慮供股或任何形式的發股,該行預計將會對股價形成一定支撐作用。交銀國際表示,一方面新世界發展K11商場開業計劃龐大,可以受惠內地和香港零售市場的反彈;另外一方面,目前股息率吸引,即使在縮減派息的情況下,預計全年股息率仍可達8.5%,屬於行業內較高水平,並且未來進一步降低派息率的可能性較低,該行維持對新世界的“買入”評級和33.3港元目標價,較 2023財年資產淨值折讓65%,較21.25港元收盤價有56.7%潛在漲幅。
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