《大行報告》匯豐研究下調ESR(01821.HK)目標價至18元 評級「買入」
匯豐研究發表報告指,ESR(01821.HK)上半年經調整核心除稅及少數股東權益後利潤(PATMI)為3.04億美元,符合預期,但由於公允價值收益下降、撤資收益和利息支出增加,按年下降26%。雖然主要亞洲貨幣貶值,但集團的資產管理規模由2022年12月尾的1,450億美元增至2023年上半年末的1,470億美元。管理層指引,下半年資本籌集和交易流量將有更好的增長勢頭。該行認為,考慮到市場預期較低,這是關鍵的股票催化劑。
該行表示,集團已將其ESR數據中心一期基金(DC Fund 1)增至13億美元,在亞太地區擁有8個種子項目。於今年上半年有5個項目開工,開發價值為15億美元。管理層強調,仍有項目正在籌備之中,公司將繼續尋找進一步擴建數據中心的機會。此外,集團宣布在澳洲開發第二個亞馬遜機械人配送中心,以進一步加強其整體在製品賬目,使在建項目的總成本達到130億美元。
該行考慮到集團最新的業績及外匯預測,認為雖然公司營運有改善,但交易價格仍較低迷,而且同行目前的交易價格大幅溢價,集團重新獲得更多選擇的動力愈來大。該行考慮到基本面改善、交易量加快及估值不高,將其目標價由20元下調至18元,維持「買入」評級。
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