《大行》瑞銀:新地(00016.HK)全年度核心盈利符預期 內地零售顯示改善跡象
瑞銀發表研究報告指,新鴻基地產(00016.HK)2025財年核心盈利為219億港元,按年增長1%,大致符合該行預期。然而,香港物業發展利潤率在2025財年大幅下降至12%,低於去年的26%,瑞銀預期股價將對這一利潤率失望表現略有負面反應。
該行表示,新鴻基地產香港租金持續疲弱,內地零售顯示改善跡象,2025財下半財年(2025年1月至6月),新地在香港的應佔總租金收入按年下降3%,辦公室租金下降5%,零售租金下降3%。管理層指出,租金調整仍為負數,零售為低單位數,辦公室為高單位數。內地租金收入亦按年下降3%,辦公室及零售板塊均下跌2%至3%。然而,自6月以來,內地租戶銷售顯示強勁復甦勢頭,得益於老鋪黃金開業及上海IFC商場的奢侈品租戶擴張。
瑞銀維持新地目標價為96港元,基於對每股資產淨值189港元的50%折讓,並略微下調2026至2027財年盈利預測1%至4%,以反映最新的物業發展預訂情況;評級「買入」。
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