研报掘金丨中金:预计太古地产上半年基本溢利同比增长28%,维持目标价28.5港元

格隆汇
Jul 03

中金发表报告,预计太古地产上半年经常性基本溢利同比增长28%至44亿港元,主要受益于深水湾道六号等开发项目结算所带来的溢利补充;预计物业投资收入按年增长中低单位数、派息政策维持。内地商场方面,考虑到项目调改效果释放节奏及行业龙头集中效应,该行认为公司二季度零售额增长有望维持首季的良好势能,但考虑到租金构成仍以固定租金为主等因素,料租金增速慢于零售额增长;香港写字楼方面,考虑到过去1-2年双位数负向租金调幅的影响,预计其租金收入仍将延续中低单位数左右按年下滑趋势;香港零售预计温和复苏、大陆写字楼则仍略承压。中金预计公司全年物业租赁收入维持单位数增长、开发结算持续贡献可观利润,但提示税务支出波动和利息资本化率变化亦对整体利润产生一定影响,维持盈利预测及28.5港元目标价不变。

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