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《大行》花旗升恆隆地產(00101.HK)目標價至8.65元 維持「買入」評級
阿思達克 07-31 10:23
花旗發表研究報告指,恆隆地產(00101.HK)上半年的內地零售收入勝於預期,主要是受到租金回升和租戶銷售良好所帶動。 該行預期恆隆地產盈利在今年下半年至2027年恢復增加,因考慮到下半年零售租金收入或增長約5%;杭州恆隆廣場(Westlake 66)的寫字樓及零售部分將分別於今年下半年及明年上半年啓用;而且平均利率下降。隨着資本支出高峯已過,認爲集團能夠維持每年穩定的股息,並預計其可能在明年發佈中期業績時,停止目前的以股代息安排。 該行指出,由於預期恆隆地產的利息支出資本化減少及內地寫字樓市場受壓,將今年的核心盈利預測下調2.8%至29.35億元,不過,由於零售租金前景改善及新項目啓用,升2026及27年的核心盈測1.1%和5.6%,分別至29.67億及32.35億元。該行維持集團「買入」評級,目標價由7.05元上調至8.65元。
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