《大行報告》高盛降九龍倉置業(01997.HK)目標價至45元 評級「中性」
高盛發表報告指,由於財務成本上升和租金恢復緩慢,九龍倉置業(01997.HK)上半年業績遜預期。目標價由48元降至45元,評級「中性」。
高盛指,考慮到最新利率及租金假設,將九龍倉置業2023至2025財年每股盈利預測下調4%至10%。由於市場預期其租務組合在今年通關後,可在香港零售市場復甦中有較佳表現,但今次業績盈利下跌及削減股息或會令人失望,並引起需時多久才能全面回復至2018至2019財年盈利水平的疑問,該行對此持懷疑態度。
高盛預計九龍倉置業2023至2025財年核心盈利分別為63億/74億/86億,仍低於2018財年的100億,因為預計較高的借貸成本將持續較長時間;在相對較高的出租成本,租金增長較困難。
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