《大行報告》匯豐研究升太古地產(01972.HK)評級至「買入」 降目標價至18.7元
匯豐環球研究發表報告指,由於市場對香港寫字樓前景的憂慮,自2019年以來,太古地產(01972.HK)的股價已累積調整逾44%,而恆指於同期累計下跌37%。該行指,雖然公司的香港寫字樓組合可能在未來12個月仍然疲弱,但市場低估了集團在香港和內地的購物商場及其項目儲備的快速復甦。
該行相信,這些正面因素可以完全抵銷其寫字樓租金的放緩的影響,又認為集團可能是行業中唯一一間能夠在當前充滿挑戰的房地產週期中上調派息的大型公司。該行指出,最近公司以54億元出售物業,已反映集團的資產品質及其維持健康負債水平的能力。
匯豐環球研究相信,太古地產多元化且不斷增長的投資組合可以抵禦寫字樓行業的風暴,預計其整體權益租金收入在2022年下降3%後,去年將增長8%,並於今年再增10%。該行將公司評級由「持有」上調至「買入」,目標價由19元降至18.7元,又將2023年盈測上調33%,惟2024年及2025年盈測則分別下調6%和4%。該行料太古地產2023年至2025年每股派息各為1.04、1.07及1.1元
該行解釋,對太古地產2023財年的預測上調,是要反映公司出售港島東中心後的一次性獲利及內地項目較高的租金收入,而2024至25財年則反映較高的財務成本及本港租金收入下降。
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