研报掘金丨中金:维持华润万象生活“跑赢行业”评级,增长与派息均具备可持续性

格隆汇
Sep 10
中金发表报告指,华润万象生活增长与派息均具备可持续性。公司于3月全年业绩会上给出全年购物中心零售额同店同比中高单位数增长目标,上半年实际同店同比增长10%。公司在2026年上半年维持基于核心归母利润的100%派息比例,并于中期业绩会表态,中长期在没有重大资本开支情况下,将在政策允许框架下始终优先考虑股东利益、保持每股派息可持续增长。传统商管业务在新场景、新产品等方面不断突破,分租业务亦将在“十五五”期间有力支持业绩释放;生态圈业务则在大会员、高化业务、消费基金、文化运营等领域探索布局。该行维持公司盈利预测与“跑赢行业”评级不变,预计2026至2027年核心归母利润分别增长12%及10%;维持目标价48港元,对应21倍2026年核心市盈率及18%上行空间。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10