智通财经APP获悉，瑞银发布研报称，下调嘉里建设(00683)今明两年的盈测25%至27%，以反映最新的开发项目完成时间表、较低的利润率预测及较低的利息资本化，但将集团目标价由21.4港元上调至24港元，维持“买入”评级。该行相信中国私募房地产投资信托基金市场的发展可为嘉里建设等香港发展商提供资金回收的新渠道。在嘉里建设下半年潜在出售“金陵华庭”(Jinling Residences)二期后，投资者关注其未来的催化因素。
该行认为，私募房地产投资信托基金是资产回收的催化剂，因为嘉里逾40%的资产价值与内地投资物业有关。该行估计，其68%的内地投资物业符合私募房地产投资信托基金的要求。以嘉里目前0.29倍市盈率及4.8%至7%的保守内地投资物业市值率计算，相信资产剥离应可令其股价上升。该行预期，嘉里上半年盈利将低于10亿港元，预计其综合香港发展物业利润率为15%，与去年相若。至于投资物业，该行预计集团在香港及内地租金收入将录得中个位数跌幅。
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