《大行報告》大摩上調恆隆地產(00101.HK)目標價至24.5元 評級「增持」
摩根士丹利發表研究報告,指出由於去年下半年內地奢侈品銷售反彈,帶動上海及上海以外的零售銷售分別按年增長90%及49%。恆隆地產(00101.HK)去年的內地商場總零售銷售按年增43%,公司預期在關口重開後,年複合增長率會繼續達雙位數。
該行指出,零售銷售的增長帶動上海物業去年下半年的租金收入按年增長28%,而無錫的商場亦受惠於租金錄52%增長。該行現預期,恆隆的內地租務息稅前利潤(EBIT)在2020至2023年將每年增長18%,而人民幣升值也將有利於其盈利表現。
公司宣布派息每股0.76元,相信隨著香港租金下降趨勢穩定,以及內地盈利持續增長,最快會在2021年度首次增加派息。該行將公司2021至2022年的每股盈測分別上調9%及13%,目標價由原來的22.5元上調至24.5元,維持「增持」投資評級。
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