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《大行報告》匯豐研究恢復覆蓋新世界(00017.HK)予「減持」評級 目標價降至9.2元
匯豐研究恢復覆蓋新世界(00017.HK),評級「減持」,目標價由16.7元降至9.2元。該行指,新世界進行一系列措施以減輕債務壓力,包括出售新創建(00659.HK)股權,削減資本開支及重整派息,預期公司繼續聚焦於去槓桿,未來12至18個月出售更多資產,但在盈利增長欠缺透明度下,股價將會繼續受壓。出售新創建令持續收入減少,在未來幾年租金收入增加之前,派息可能受壓,因此給予「減持」評級,當公司部署更多資本推動增長時,才會對該股更加積極。 該行認為,新世界出售新創建後,由集中地產的綜合企業,轉為純地產企業,認為公司內地物業銷售執行能力強勁,項目具有質素,銷售可以保持穩定。香港方面,受惠旅客增長,收租業務將會持續改善,但對香港的物業銷售保持審慎,主要因為公司在啟德有較多項目,該區需求較低,而且目前樓市處於下行週期。 該行估計新世界2024年度核心盈利下跌48%,在物業銷售收入減少、租金收入增長下,至2026年度持經常性租金收入將帶來一半盈利貢獻,逐漸提升派息能力。
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