大行評級|里昂:上調恒隆地產目標價至7.7港元 維持“持有”評級
里昂發表研究報吿指,恒隆地產上半年業績符合預期,中期股息保持不變。內地租户銷售自去年第四季以來呈現連續改善,但2025年上半年整體租户銷售仍受奢侈品銷售下降拖累。鑑於疲弱的市場情緒及出境旅遊正常化尚未好轉,里昂預計未來12個月奢侈品銷售將持續下降。里昂將其目標價從5.4港元上調至7.7港元,維持“持有”評級。里昂認為,恒隆擁有內地最好的奢侈品購物中心之一,在上市公司的奢侈品銷售敞口中最高,可視為奢侈品銷售的代表。其正面催化劑包括:若美國聯儲局降息幅度超預期,應會觸發如恒隆等高收益率股票的重新評估。但負面催化劑有:內地租户銷售弱於預期,將導致盈利壓力,並影響維持絕對股息和去槓桿的能力。
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