智通财经APP获悉，摩根士丹利发布研报称，将恒隆地产(00101)目标价由9港元上调至10.5港元，因基本面改善，NAV折让收窄(由60%降至50%)，维持“增持”评级。报告指，集团的内地零售业务开始好转，上海的港汇恒隆广场(Grand Gateway66)及恒隆广场(Plaza 66)第三季租户销售额分别同比增长31%及8%，而上半年则为增长10%及倒退8%。
国庆黄金周方面，首四日内地商场整体租户销售额同比增长15%，当中武汉恒隆广场(Heart land66)与上海港汇恒隆广场(Grand Gateway 66)分别录得超过70%及50%的同比升幅。因预期EBIT利润率由今起至2027年回稳较慢，该行下调2026及27年每股盈利预测至0.62港元及0.68港元(之前0.65港元及0.69港元)。
该行提到，奢侈品集团LVMH反映内地业务于第三季有所改善，加上老铺黄金(06181)将落户Plaza66，以及杭州恒隆广场开幕，均成为关键催化剂。当中，杭州恒隆广场已有83%零售面积及27%办公室面积获预租，2027年有望带来显著贡献。
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