《大行報告》大和降九置(01997.HK)目標價至47.5元 評級「買入」
大和發表報告指,九龍倉置業(01997.HK)續租租金有望正面調整,其商場營業額租金分成比例有望上升。報告引述管理層提到,今年營業額分成比例看漲,在2018年時對總租金收入佔比達15%。該行認為,香港的訪港旅客人數和零售額均有上升空間。該行重申「買入」評級,予九置目標價由50.5元下調至47.5元,指其屬市場上押注本港零售銷售進一步復甦的標的。
該行引述集團管理層指,與疫情之前相比,消費者的整體支出似乎較低,預計零售額不會很快恢復到疫情前的水平,但料未來過夜旅客人數增加、酒店有足夠人手及商戶有充足庫存,零售額將逐漸恢復正常。
該行表示,將集團今年的每股盈測下調26%,以反映更高的財務成本,但由於該行預計營業額對租金收入貢獻擴張,因此該估計已高於市場普遍預期。
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