《大行報告》瑞信下調新地(00016.HK)目標價至131.7元 評級「跑贏大市」
瑞信發表報告,將新地(00016.HK)2022及2023財年的盈利預測分別下調10.9%和9.2%,以反映銷售及交付時間表放慢,以及在Omicron影響下租金增長假設降低,另引入2024財年的預測。該行保持資產凈值估計基本不變,但在宏觀不確定性增加的情況下,將資產凈值折讓預測由40%擴大到45%。因此目標價相應由143.5元降至131.7元。
該行指,雖然Omicron帶來短期的不利影響,但仍然看好新地充足的項目儲備和中國內地強勁的租金收入增長前景,而5.3%的股息收益率亦具吸引力。
報告指,新地管理層將其全年度銷售預算下調至400億元,因為Omicron爆發後,銷售時間表存在不確定性。中國內地的銷售目標保持不變,即70億元。管理層認為在今年有吸引的補充土儲機會。另外,該行指,內地零售組合的表現是一個亮點,租金按年上升22.8%;由於佔用成本處於介乎約13%至17%,且銷售租金分成佔很大比重,管理層對租金的增長持積極態度。
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