智通财经APP获悉，花旗发布研报称，将新城发展(01030)目标价调高6%至3.2港元，维持“买入”的投资评级。这主要基于资产负债表清晰化，设定为净资产值折让30%(先前为20%)。该行指，新城发展在2026年3月发行3.55亿美元三年期债券以及2026年2月发行新股(稀释2.8%)后，资产负债表趋于稳定。其首席执行官吕小平(65岁)的退休并未影响投资前景。该行预计，随着2026年预期损益表减损减少，其盈利能力将会提升。MSCI 将其 ESG 评级从“BBB”上调至“A”。
花旗称，对新城发展持乐观态度:i)预计2026年经常性收入将达到145亿元人民币(同比增长4%)，旗下178家购物中心(2026年新增5家(的利润将达到30-40亿元人民币;ii)2025年租户销售额同比增长17%;债务规模适中(550亿元人民币)，与其1230亿元人民币的智慧财产权规模相比，债务可控;其转型已见成效，商业房地产投资信托基金(REIT)申请于3月6日获得中国证监会和上交所批准，并于2025年11月发行了6.16亿元人民币的资产支持证券(ABS)。
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