大行評級|摩根大通:下調多隻香港地產股的目標價 料行業中期核心每股盈利平均跌7%
摩根大通的研究報吿指,香港地產股將會在未來數月逐漸公佈中期或全年業績,料行業核心每股盈利平均跌7%,主要是受到較低租賃收入,發展項目毛利受壓及融資成本上升影響。大部分地產股的每股派息應該會持平或輕微上升,但料12只地產股中有3只會減少股息,而九龍倉置業及恒隆地產為該行目前預期中有較高的下行風險。整體行業而言,該行仍維持審慎立場,並會挑選個別股份。更多的潛在的不良資產處置也可能推動資本化率擴張,導致資產進一步貶值。即使降息成真,該行也不預期會有持續的優異表現。該行將恒隆地產目標價由8港元下調至6.3港元,維持“中性”評級;新鴻基地產目標價由72港元降至68港元,維持“中性”評級;將太古地產目標價由18港元降至15港元,維持“增持”評級;將九龍倉置業的目標價由22港元下調至17港元,維持“減持”評級。
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