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大行评级|美银:上调九龙仓置业目标价至28港元 维持“买入”评级

Bank of America Merrill Lynch: Raises target price of Wharf Real Estate to HKD 28, maintains 'buy' rating.

Gelonghui Finance ·  Aug 7, 2024 02:30  · Ratings

On August 7th, Glory Hoi cited a research report from Bank of America Securities stating that although Hong Kong's business environment is still full of challenges, considering that the Federal Reserve may soon reduce interest rates and the Hong Kong dollar may weaken, local high-end retail sales will decrease, and the expected unfavorable factors will be reduced in the second half of the year. After the company's dividend per share in the first half of the year was slightly higher than expected, the bank maintains its 'buy' rating on Wharf Real Estate. Bank of America Securities pointed out that Wharf Real Estate's retail rental income in the first half of this year showed strong growth, reflecting that although Hong Kong's retail sales performance is weak, the company's dividends are more resilient and attractive, with a 6.5% return on investment in 2024. Based on the higher forecast for Wharf Real Estate's net asset value per share, the bank raised its target price from HK$27 to HK$28. In addition, Bank of America Securities raised its core profit and dividend per share forecast for Wharf Real Estate from fiscal year 2024 to 2026 by 2% to 5% to reflect its performance in the first half of this year.

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