《大行報告》匯豐研究升九倉(00004.HK)評級至「買入」 目標價降至21.7元
匯豐研究發表研究報告指,九倉(00004.HK)的2022財年基本利潤跌92%,而全年派息則保持不變。該行相信,最差的時間已經大致過去,並預計其業務將在未來12個月內有所改善。該行將集團評級由「持有」上調至「買入」,目標價由22.1元下調至21.7元。
該行表示,從基本面改善和淨現金的角度來看,集團具有吸引力。如果假設其489億元的長期投資為現金,其淨現金將達到436億元或市值的約82%。如果其母公司像去年一樣恢復回購行動,股價或會獲得更多支撐。另外,鑑於房地產市場改善,該行認為集團的減值撥備或已在去年見頂,達到60億元。
該行降集團2023至24財年的盈測3.2至4.1%,料內地房地產發展業務有較低的銷售額和利潤率,但被較低的融資成本和較高的財務收入略微抵銷。
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