《大行報告》高盛下調冠君產業信託(02778.HK)目標價至2.7元 評級「沽售」
高盛發表研究報告指,冠君產業信託(02778.HK)上半年淨利潤為6,700萬元,物業經營淨收入(NPI)按年降5%至10億元,符合預期。租金收入跌2%至12億元,反映其兩個寫字樓物業的租金持續出現負增長。
該行提到,集團管理層沒布明確指引股息率會否恢復95%,但預計2023財年的租金收入和每單位可分配收入(DPU)持持續下降。資產負債率微升至22.7%。賬面淨值按半年下跌1%至每股7.81元。物業估值按半年跌1%至631億元,是由於現貨租金下降,而資本化率沒有變化。
該行將集團2023至25財年的DPU下調,目標價由2.9元降至2.7元,維持「沽售」評級。該行指,鑑於迄今為止空置率較高及中環有大量的新寫字樓供應,相信集團將會受到長遠且深入的負租金影響,而朗豪坊的租戶銷售復甦會相對緩慢。
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