《大行報告》大摩:恆隆地產(00101.HK)中期核心盈利優預期 內地租務EBIT良好
摩根士丹利發表研究報告指,恆隆地產(00101.HK)上半年基本純利達22.17億元,按年增長0.8%,表現好於該行預期的下跌5%,中期息亦維持為每股0.18元。
期內中國租賃收入達33.67億元,增長1%,而以人民幣計算的息稅前利潤(EBIT)按年持平,當中上海及瀋陽商場租金受疫情影響而下降2%至17%,其他城市的高端商場租金則增長7%至184%,表現均良好。
香港方面,租賃收入按年減少4%,跌幅較去年下半年的1%擴大,香港業務EBIT按年下降6%,EBIT利潤率下降至81%。
大摩指出,現時潛在利好因素為內地二線城市商場表現可能好過預期,以及內地服務式住宅較預期早出售,至於潛在下行風險為中港零售額下跌,以及內地商業寫字樓市場入駐緩慢等,給予「增持」評級,目標價18.5元。
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