《大行報告》匯豐研究降九倉(00004.HK)評級至「減持」 目標價下調至19.3元
匯豐環球研究發表報告指,九倉(00004.HK)去年11月宣布獲納入MSCI香港指數,加上投資者偏好價值型防守股,公司股價由當時開始已上升44%,對比同期恆指為下跌2%。
該行表示,雖然公司處淨現金狀態(包括其投資組合),股份看似具防守性,但考慮到公司的基本面,認為其高估值並不合理。該股目前股價相當於預測今年市盈率19.7倍,高於過去五年估值區間的上限。
匯豐相信,香港房地產銷售對九倉的近期催化劑有限,因其能夠捕捉政策放鬆機會的新盤有限,估計未來數個月市場將下調對九倉預測。
報告降九倉今年兩年盈測介乎13%至21.9%,反映下調對其中國發展物業銷售預測,以及對物流業務前景看法更趨審慎。由於業務基本面的改善程度有限,匯豐研究將九倉股份評級由「持有」降至「減持」,目標價由19.8元輕微下調至19.3元。
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