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《大行報告》匯豐研究上調希慎(00014.HK)目標價至36.3元 評級「買入」
阿思達克 02-26 15:17
匯豐研究發表的報告指,希慎興業(00014.HK)去年業績符預期,基本溢利按年跌7.3%至24億元,大致符合該行及市場預期,全年派息維持在每股1.44元,展望將來該行認為其零售租賃組合今年有望改善,主要因為社交距離措施有所放寬,加上隨著疫苗接種消費者情緒亦有改善,相信潛在驚喜將來自其擴張計劃。希慎現時正開始活躍參與土地市場,假如成功收購將有望強化其盈利增長的可見性,維持予「買入」評級,目標價由35.5元升至36.3元。

該行指出去年其零售租金收入跌幅顯著,期內跌12.9%至16億元,跌幅按年有所擴闊,而續租租金調整亦在介乎20%至23%的水平,與整體市場趨勢一致,估計2021年其租金收入有望按年增長3.6%,主要因為期內予租戶的優惠較少,加上零售市場陸續復甦,而其寫字樓去年租金收入亦跌1%,趨勢相似但跌幅相對溫和。

匯豐研究指出加路連山道商用地位於希慎的物業旁,估計將在未來兩至三個月開始招標,相信對公司而言屬罕有機遇,留意到公司正活躍地展開融資,過去十八個月其淨借貸由76億元急增至296億元,估計公司有機會收購規模較大的地皮作為下一個增長引擎,假如成功收購公司在銅鑼灣的物業組合將擴大24%至560萬平方呎,而其盈利增長可見性將更高。

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