《大行》花旗維持太古地產(01972.HK)「買入」評級 目標價升至22.2元
花旗發表研究報告指,將太古地產(01972.HK)目標價從19.35元升至22.2元, 每股資產淨值預測由原先的48.38元升至49.33元,原因包括公司6月出售邁阿密零售物業及5月出售辦公用地後,淨負債減少;儘管營業租金下降,內地零售業出現輕微正向回升,零售銷售動能改善;香港零售業下跌幅度收窄。
此外,花旗鑑於太古地產今年迄今約有50億元的資本回收,認為其現金流充足,有利於提高股東回報。花旗憑藉太古地產約5.9%的良好股息率,對該股維持「買入」評級。另預期公司有可能宣布新一輪回購計劃,因其資本回收後現金流充裕。
花旗認為,太古地產最主要的下行風險包括(魚則)魚涌辦公室租金增長不及預期,以及遊客人數和消費低於預期,因太古地產組合亦依賴內地消費者。國內生產總值(GDP)增長放緩亦可能對辦公室需求帶來負面影響。
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