《大行報告》富瑞下調九龍倉置業(01997.HK)目標價至45元 上半年業績遜預期
富瑞發表研究報告指,九龍倉置業(01997.HK)中期業績遜於市場普遍預期,大致符合該行預期,當中租金收入因期內租金減免攤銷及寫字樓表現疲軟而受到拖累。
該行認為,隨著租戶重續租約,租金減免攤銷的影響預期將於2023至2025年逐漸消退,近期壓力應該會持續存在。管理層指出零售物業租賃相關查詢情況有所改善,但由於宏觀經濟因素,對下半年前景維持審慎;又預期商業物業的供應過剩情況將於未來兩年仍然持續,有計劃透過進行翻修以提供競爭力。
富瑞指,九倉置業將負債率降至20.1%,在利率上升的環境下可節省融資成本,將2023至2025財年基本盈利預測下調1%至9%,目標價由50元降至45元,以反映租金收入下降,當中部分被利息節省所抵銷,憧憬盈利增長可能從明年起會重新加快,給予「買入」評級。
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