美銀證券:升九倉(0004.HK)評級至“買入” 目標價上調至26港元
美銀證券發表研究報告,將九倉(0004.HK)
的投資評級由原來的“
中性
”上調至“
買入
”,並將其目標價由18.5港元調升至26港元。該行喜歡九倉是因為認為股份會在今年由防守性轉變為價值型股份;有機會從母公司會德豐(0020.HK)
持續的回購而獲得股價支撐;以及香港業務的覆蓋相對較少等原因。
該行預期公司2019至2021年間來自內地租賃收入的年複合增長率為8%,由於供應稀缺,山頂的地產發展項目組合的收益率長期理應有良好的上行空間,但銷售在短期內或會放緩。在高毛利率的上海地產發展項目入帳後,相信能提振九倉2020年盈利55%。
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