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大和:降深圳国际(0152.HK)目标价至17.2港元 评级“跑赢大市”
格隆汇 09-03 11:44
大和发表报告指,曾与深圳国际(0152.HK) 管理层在中期业绩过后会面,除了梅林及前海的地产项目外,管理层亦对未来的业务策略给了更多着墨。 该行表示,管理层提到物流业务面对一些挑战,特别是在土地成本方面,但相信集团与政府的紧密关系,及其上市国企的地位,可使其在收购土地方面具有竞争优势。管理层预期,每年将最少增加3至4个新的物流项目,而且有信心在中期于中国的项目可达38至40个,内部回报率约7%至8%。
大和下调对深圳国际今年至2021年的盈利预测1%至11%,以反映最新的物业销售时间表,及因人民币贬值使深圳航空的盈利减少。该行又下调集团股份目标价,17.6港元降至17.2港元,以反映人民币兑港元的走势,及深航的影响,评级则维持“ 跑赢大市 ”。
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