《大行報告》匯豐研究降九龍倉置業(01997.HK)目標價至36.6元 去年下半年業績符預期
匯豐環球研究發表報告指,九倉置業(01997.HK)去年下半年業績大致符合預期,基礎淨盈利按年升5%至30億元。該行認為業績內最大正面驚喜為下半年派息終於在每股61港仙企穩,結束自2019年以來的下跌,亦反映投資物業公平值出現回穩跡象。
該行指,海港城去年下半年零售租務增長加快,扣除租務優惠影響,集團於本港整體零售租務收入應額外增加4%至5%;但該行承認錯估時代廣場復甦進度,該物業復甦遠遜預期。此外,辦公室市場持續疲軟及高企的利率環境,預計九倉置業盈利只會溫和復甦。
該行下調對公司今明兩年盈利預測4.9%至8.4%,反映時代廣場及其他辦公室物業租務收入預測下調,以及融資成本假設上升。該行維持九倉置業「買入」評級,基於每股資產淨值估算由79元降至60.9元,目標價由47.4元降至36.6元,即較資產淨值折讓40%,比歷史平均低半個標準差。
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