《大行》匯豐研究升華潤置地(01109.HK)目標價至43.2元 續籲「買入」
匯豐研究發表報告指,華潤置地(01109.HK)年初至今股價累升逾三成,表現優於其他所覆蓋內房股的平均約6%升幅。該行認為公司的估值尚未完全反映其投資物業組合優勢,並認為公司是少數可以進一步強化行業領導地位、改善現金流與股息前景的內房商。此外,公司持續釋放投資物業價值,月初宣布計劃將3個商場項目納入旗下商業信託(REIT)。
該行指,潤地仍然是其於大型內房股中的首選,上調對其資產淨值(NAV)估算20%,目標價由36.3元升至43.2元,維持「買入」評級,並料公司上半年盈利持平或按年微跌,派息穩定,盈利轉折點將於2026年出現。
報告又提到,老鋪黃金(06181.HK)的36間門店中有30%進駐潤地旗下商場,令潤地間接受惠於金飾品熱潮。雖然老鋪黃金成功帶來的淨經營收入(NOI)增長非線性,但主力租戶能夠創造穩定人流、推升租金並降低空置率,形成良性循環,包括減少租賃與行銷費用,同時提升商場資產價值。
同時,潤地旗下商場的表現具韌性,2024年及2025年首5個月的同店銷售(SSSG)分別按年增5%及高單位數,優於全國平均的3%與4%。另外,集團於去年新開16座商場,該行料這些新項目將貢獻2025年租金收入介乎5%至7%。
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