《大行報告》瑞銀削九龍倉置業(01997.HK)目標價至29.6元 評級「中性」
瑞銀發表報告,將九龍倉置業(01997.HK)目標價由46元下調至29.6元,下調幅度36%,以反映持續高息環境,以及該行將2023至2025年盈利預測下調9至15%。
該行表示,關注本地居民及內地旅客消費疲弱,會否影響租金收入復甦,但利息成本可能下調,或會抵銷不利因素,帶動盈利改善,該行預期公司2023至2025年盈利的複合年增長率為15%,維持其「中性」評級。
瑞銀預期九龍倉置業明年收入增長疲弱,但利率周期可能見頂,或可阻止股價進一步下跌。目前市場估計美國明年減息近100點子,相信九倉置業是其中一個最大受惠者,因為公司負債均屬浮息,估計資金成本每下調1個百分點,將會令盈利提升5%。
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