摩通:下調潤地(1109.HK)目標價至43.5港元 對配股略為意外
摩通發表報告,表示對華潤置地(01109.HK)配售感到有些意外,認為潤地目前負債比率不是特別高,近期也未有作大型土地收購,相信配股集資並非用作特別項目發展,而是為了響應當局近期鼓勵國有企業提高股權和去槓桿化的方針。
該行相信,是次配股集資也可用於償還2018年發行的約50億元人民幣在岸永續債券。由於今次配股攤薄不大,維持潤地的“增持”評級,惟目標價降至43.5港元。
摩通又指出,預期受香港社會事件以及人民幣貶值影響,消費力將傾向留在內地,令潤地旗下的商場有機會受惠,租金收入增長將跑贏同業。
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