研報掘金丨中金:調高恆隆地產目標價8% 利息開支料降
中金調高恆隆地產(0101.HK)目標價8%,至8港元,維持“跑贏行業”評級及盈利預測不變。主要反映基本面壓力緩釋、香港銀行同業拆息下滑對利息開支減低,以及港股整體改善。當前交易於股息收益率7.5釐,對應11.8倍核心市盈率,在目前市況下提供較強吸引力。中金預料,內地消費環境整體向好,恆隆地產內地商場組合零售額跌幅或較去年第四季收窄,固定租金佔比近八成,認爲表現有望優於零售額,同時去年基數條件,料內地商場租金收入全年微跌。而香港物業延續既有經營態勢,機會型資產處置或有助回籠資金,香港租賃收入去年受個別零售物業和寫字樓較大規模租戶租約續簽調整影響減9%,若剔除這影響則跌1%至2%,預期今年香港物業組合租金收入微跌。該集團資本開支或年內達峯,明年起逐步下降,淨負債率料略上行。今年有望延續以股代息以緩解淨負債率壓力,明年起或重新評估該計劃必要性。恆隆地產今年底淨負債率料較去年底33.4%有所上行,但維持40%以下水平。
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