《大行報告》里昂下調九龍倉置業(01997.HK)目標價至35元 評級「沽售」
里昂發表報告指,雖然已經全面通關,但由於借貸成本和租金優惠攤銷高過預期,九龍倉置業(01997.HK)上半年基礎盈利仍按年跌9%,而上述因素將繼續拖累盈利表現。
里昂認為,九龍倉置業是旅遊消費復甦的主要受惠者,但預計其盈利在未來三年內不會恢復到疫情前的水平。該行將今年至後年盈利預測分別下調9.6%、9.4%及7.9%,以反映較高的借貸成本和攤銷。目標價由40元下調至35元,以反映美國國債收益率上升和今年每股股息下降。由於估值仍然高企,維持「沽售」評級。
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