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《大行》瑞銀:太地(01972.HK)若設房託基金可推高估值 目標價上調至26.1元
瑞銀發表研究報告指,太古地產(01972.HK)若能設立私募房地產信託基金(REITs),將可開拓資產循環新渠道,有助改變投資者對公司的看法,相信市場可能會願意為新增私人REITs渠道給予更高估值。該行對其資產淨值(NAV)折讓由原先50%收窄至45%,相應將目標價由原先23元上調至26.1元,維持「買入」評級,並將2025至2027年盈利預測上調1%至2%,以反映人民幣升值。 瑞銀指出,太古地產自2018年以來累計處置資產規模達580億元,相對公司目前市值為約1,210億元,展現出擁有卓越的資本循環能力,公司早前承諾的1,000億元投資計劃已累計投入約67%,相信資產循環將為深圳福田及香港金鐘等新項目提供更大發展空間。該行又指,若分拆資產設REITs,將有助於太古(00019.HK)降低槓桿,亦可為公司創造經常性費用收入。
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