大行評級|瑞銀:內地奢侈品銷售放緩 下調恒隆地產、太古地產目標價
瑞銀髮表研究報吿,今年以來國內奢侈品銷售額下跌約10%,當中5月至6月跌幅加大,預期今年下半年至2026年間奢侈品牌可能會放緩在中國開設門店的步伐,而為了留住奢侈品牌租户,商場可能需要減租,或轉型至民生類商場。該行指出,由於主打高端消費的購物中心建設週期至少需要四年,因此預期快將開業的高端商場將面對一定的租金壓力。
基於收入增長預測減慢及股息預期下調,瑞銀下調恒隆地產的評級,由“買入”降至“中性”,目標價從14港元削半至7港元;並維持對太古地產的“買入”評級,看好其9%股息回報率較具有可持續性,淨資產負債比率亦維持於約13%的低水平,相信處於行業有利位置,可受惠於潛在的減息,目標價由23.3港元降至17.2港元。
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