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大行評級|美銀:微升太古地產目標價至18港元 重申“買入”評級
格隆匯 08-09 11:00
美銀證券發表研究報吿指,太古地產上半年業績符預期,核心純利按年微跌1.1%,仍較該行預期高出4%。中期派息按年升3%至每股34港仙,亦勝該行預期。該行重申對其“買入”評級,目標價由17港元微升至18港元,認為公司提出意料之外15億港元回購計劃,對每股盈利及每股資產淨值(NAV)的提振相對温和,同時此舉加上再次確認公司年度每股派息增長中個位數的目標,應有助收窄公司的NAV折讓。該行指,公司在內地租户銷售下跌的情況,內地租賃收入保持韌性。公司管理層在面對零售不利因素時指,料下半年續租租金會回覆正值,並會專注在推廣活動。至於香港寫字樓及零售租金收入皆符合預期,寫字樓出租率按半年持平在89%水平,兩座新寫字樓大廈太古坊二期及太古廣場第六期的出租率分別為67%及44%,續租租金或會繼續下降,不過今年下半年及明年只有分別8%及18%租户的租約期滿。而香港零售毛租金收入按年跌3%至12億港元,按年跌3%,按半年跌2%,商場出租率為100%。
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