《大行報告》美銀證券下調ESR(01821.HK)目標價至16.1元 評級「買入」
美銀證券發表報告指,ESR(01821.HK)上半年業績符預期,經調整稅後及非控股權益後利潤(PATMI)按年下跌26%,至3.04億美元,其中基金管理EBITDA約3.29億美元,按年增長14.2%,EBITDA利潤率升至82%的新高,管理費相關的資產管理規模按年增長10%至780億美元。不過利息成本按年增加60%,以及匯兌損失繼續拖累盈利,估計下半年趨勢持續。內地出租率疲弱,只有84%,管理層估計最少6至12個月才能改善。
管理層仍然有信心,全年管理費相關的資產管理規模達高單位數增長,會繼續精簡非核心業務。不過在成本增加下,該行將公司2024至2025年每股盈利預測下調逾6%,目標價由17.5元下調至16.1元,重申「買入」評級。
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