《大行》大摩升級恆隆地產(00101.HK)至「增持」 目標價升至9元
摩根士丹利升恆隆地產(00101.HK)評級至「增持」,目標價由6.5元升至9元。該行認為,短期而言,集團旗下內地商場的租戶銷售額於7、8月份有所改善,相較於上半年按年跌4%。其中,上海恆隆廣場(Plaza 66)銷售額由第二季下跌4%轉為持平。長期而言,該行料集團可受惠於入境旅遊的長期增長,包括退稅政策帶動的消費需求回升。
新項目方面,杭州恆隆廣場(Westlake 66)零售部分的預租率已達81%,預計於2026年開業,集團另外租賃45.2萬平方呎空間以擴充商場臨街面積。潛在住宅單位銷售亦可帶來超過100億元收入,令負債比率降低5個百分點以上。集團目前股息收益率達6.5%,高於同業,該行料股份稀釋(來自以股代息)或於2025年全年業績公布後停止。
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