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交银国际:维持新鸿基地产(00016)“买入”评级 目标价下调至96.1港元

Bocom Intl: Maintains 'buy' rating on SHK PPT (00016), target price lowered to HKD 96.1.

Zhitong Finance ·  Sep 4 10:11  · Ratings

Bocom Intl has revised down the net asset value forecast per share of SHK PPT (00016) to 192.2 Hong Kong dollars.

According to the information from the Wise News Finance APP, Bocom Intl released a research report stating that it maintains a "buy" rating for SHK PPT (00016), and has lowered the forecast of the company's net asset value per share to 192.2 Hong Kong dollars. The target price is calculated with a 50% discount, reducing the target price from 110.1 Hong Kong dollars by 14.57% to 96.1 Hong Kong dollars. The bank has lowered its revenue, profit, and gross margin forecasts for the fiscal years 2024 to 2026, mainly due to a decline in development profit margins and an increase in interest costs in a high-interest rate environment.

The bank expects that the performance of SHK PPT in the fiscal year 2024 will remain stable. Due to the low base of property deliveries in Hong Kong last year, combined with the recovery of other business lines, it is expected that the income for the fiscal year 2024 will increase by about 8.9% year-on-year to approximately 77.5 billion Hong Kong dollars. The overall gross margin level is expected to decrease by about 2-3 percentage points year-on-year to 45%, and the expected core net income is expected to decrease by about 7% year-on-year to 22.3 billion Hong Kong dollars. In addition, it is believed that the company's expected full-year dividend payout ratio will be closer to the upper limit of 40-50%, and the full-year dividend is expected to decrease by about 22% year-on-year to approximately 3.85 Hong Kong dollars.

The bank believes that the Hong Kong retail portfolio will continue to show growth in the second half of the fiscal year, coupled with mainland rental growth. Rental income for the fiscal year 2024 could reach 20 billion Hong Kong dollars. In addition, it is believed that apart from the telecommunications business, other business lines will experience moderate growth.

The translation is provided by third-party software.


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