《大行》花旗升希慎(00014.HK)目標價至17.35元 維持「買入」評級
希慎(00014.HK)計劃在5年內回收80億元資本,花旗發表研究報告,估計這將使其備考負債比率達到25%/40%。集團的非核心資產包括兩個中半山竹林苑、大埔林海山城和土瓜灣項目。
該行預計,希慎將會錄得輕微利潤增長,因為在零售方面,通過優化品牌組合,基礎租金實現高個位數的正向租金回報率,表現好於預期,不過初期會對營業額分成租金造成一定影響;寫字樓的出租率保持在70%以上;利園八期在全面營運或可為集團帶來約10%的租金上升,但需要2至3年才能完成租賃。另外,管理層表示不會考慮發行可轉換債券或以股代息,因為這會稀釋股權。
該行表示。隨著希慎落實新的資本回收計劃,其2025至27年的資本開支預計分別為20億、15億和5億元,維持對其「買入」評級,目標價由14元上調至17.35元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.