大行评级丨小摩:降恒隆地产目标价至10港元,股息率具吸引力

格隆汇
Aug 03
摩根大通发表研报指,恒隆地产上半年核心纯利同比跌10%,主要受武汉公寓非现金拨备影响撇除有关拨备,若撇除后核心纯利仅跌2%,符合预期。该行认为市场对恒隆地产的看法过于悲观,其内地商场上半年商户销售额同比增长17%(第一季升24%、第二季升9%),管理层预期下半年商户销售额可录高单位数增长,指引较该行预期为佳,反映非奢侈品牌租户表现强劲及品牌组合持续多元化。 股息方面,管理层表明再减派息的可能性不大,并指当盈利稳定(利息资本化比率正常化、不再有物业拨备)及杭州恒隆广场贡献提升时,可考虑增加股息。该行预计2026至2028年股息维持平稳,每股料维持0.52港元,股息率约7.1%具吸引力。该行将其目标价由12港元下调至10港元,基于每股资产净值预测折让63%(低于历史平均1.5个标准差),以反映环球奢侈品牌较弱的情绪,维持“增持”评级。

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