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《大行》匯豐降恆隆地產(00101.HK)目標價至8.8元 維持「買入」評級
阿思達克 07-02 15:57
匯豐環球研究預計,恆隆地產(00101.HK)的整體業務展望在未來12個月將逐步改善。雖然其2025年上半年在中國內地和香港的物業銷售低於該行預期,但其商場營運持續穩定。即將完成的杭州恆隆廣場(Westlake 66)及上海恆隆廣場(Plaza 66)的擴建(新增13%現有零售總樓面面積)應增強其2026年預計經常性收入的韌性,支持其股息派發。該行預計其負債比率將從2024年底的33.4%上升,但資本支出週期應很快到頂。結合人民幣升值預期及零售環境改善,預計恆隆地產的穩定性將不斷增強。 該行將恆隆地產2025至2027年盈利預測下調21%至26%,主要由於物業銷售假設及融資假設的降低。修訂後的目標價由9.5元下調至8.8元。該行預計恆隆地產在旗艦項目杭州恆隆廣場開業後將恢復增長。股價的正面驅動因素可能包括任何資產剝離,如「御峯」項目。該行維持對恆隆地產的「買入」評級,其2025財年預計6.9%的收益率具吸引力。
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