小摩：降恒隆地产(00101)目标价至10港元股息率约7.1%具吸引力评级“增持”

智通财经08-04

智通财经APP获悉，小摩发布研报称，恒隆地产(00101)上半年核心纯利同比跌10%，主要受武汉公寓非现金拨备影响撇除有关拨备，若撇除后核心纯利仅跌2%，符合预期。该行认为市场对恒隆地产的看法过于悲观，其内地商场上半年商户销售额同比增长17%(第一季升24%、第二季升9%)，管理层预期下半年商户销售额可录高单位数增长，指引较该行预期为佳，反映非奢侈品牌租户表现强劲及品牌组合持续多元化。目标价由12...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2656586904?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-08-04 09:25","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2656586904","market":"sh","top_or_hot":-1,"title":"小摩：降恒隆地产(00101)目标价至10港元 股息率约7.1%具吸引力 评级“增持”","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，小摩发布研报称，恒隆地产(00101)上半年核心纯利同比跌10%，主要受武汉公寓非现金拨备影响撇除有关拨备，若撇除后核心纯利仅跌2%，符合预期。该行认为市场对恒隆地产的看法过于悲观，其内地商场上半年商户销售额同比增长17%(第一季升24%、第二季升9%)，管理层预期下半年商户销售额可录高单位数增长，指引较该行预期为佳，反映非奢侈品牌租户表现强劲及品牌组合持续多元化。目标价由12...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1475567.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小摩：降恒隆地产(00101)目标价至10港元 股息率约7.1%具吸引力 评级“增持”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小摩：降恒隆地产(00101)目标价至10港元 股息率约7.1%具吸引力 评级“增持”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-04 09:25 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1475567.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，小摩发布研报称，恒隆地产(00101)上半年核心纯利同比跌10%，主要受武汉公寓非现金拨备影响撇除有关拨备，若撇除后核心纯利仅跌2%，符合预期。该行认为市场对恒隆地产的看法过于悲观，其内地商场上半年商户销售额同比增长17%(第一季升24%、第二季升9%)，管理层预期下半年商户销售额可录高单位数增长，指引较该行预期为佳，反映非奢侈品牌租户表现强劲及品牌组合持续多元化。目标价由12...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1475567.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EWH","symbol_name":"香港ETF-iShares MSCI","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1475567.html","article_id":"2656586904","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2656586904","pubTimestamp":1785806751,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，小摩发布研报称，恒隆地产上半年核心纯利同比跌10%，主要受武汉公寓非现金拨备影响撇除有关拨备，若撇除后核心纯利仅跌2%，符合预期。小摩预期，恒隆地产今年全年核心纯利同比跌5%，但经营溢利在上半年已转正，预测2026至2028年租金经营溢利复合年增长率约4%。小摩预计2026至2028年股息维持平稳，每股料维持0.52港元，股息率约7.1%具吸引力。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"EWH":"香港ETF-iShares MSCI","FDVV":"Fidelity High Dividend ETF","FDL":"第一信托晨星股利领先指数","00101":"恒隆地产","ELCV":"EVENTIDE HIGH DIVIDEND ETF"},"translate_title":"Xiaomo: Lower the target price of Hang Lung Properties (00101) to HK$10, the Dividend rate is about 7.1%, and the rating is \"overweight\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FDL":1.5,"FDVV":1.5,"EWH":1.5,"00101":1.5,"ELCV":1.5},"content_text":"智通财经APP获悉，小摩发布研报称，恒隆地产(00101)上半年核心纯利同比跌10%，主要受武汉公寓非现金拨备影响撇除有关拨备，若撇除后核心纯利仅跌2%，符合预期。该行认为市场对恒隆地产的看法过于悲观，其内地商场上半年商户销售额同比增长17%(第一季升24%、第二季升9%)，管理层预期下半年商户销售额可录高单位数增长，指引较该行预期为佳，反映非奢侈品牌租户表现强劲及品牌组合持续多元化。目标价由12港元下调至10港元，基于每股资产净值预测折让63%(低于历史平均1.5个标准差)，以反映环球奢侈品牌较弱的情绪，维持“增持”评级。小摩表示，恒隆地产上半年内地零售租金收入同比升6%，增速低于商户销售额的17%，主要由于过去数年下行周期中，集团将较多租金收入转为固定租金(约占80%)，在复苏周期中租金增长必然滞后;加上商户销售增长由非奢侈品牌带动，而该类租户的分成租金较低，亦导致租金收入增长较慢。该行认为，恒隆地产在下行周期中保障租金收入的努力被市场低估，例如上海港汇恒隆广场2022年商户销售额跌19%，租金收入仅跌1%，反映非奢侈品牌较高比例的防守性。香港投资物业方面，上半年整体租金收入同比大致持平(跌0.5%)，其中写字楼及服务式公寓分别升1%及7%，零售则跌2%，主要受铜锣湾旗舰租户迁出及新租户装修影响。管理层表示，按同类比较基准，整体香港租金收入同比实际录低单位数增长，随着租户重组于下半年完成及香港写字楼市场复苏，预期下半年租金收入同比可转正。小摩预期，恒隆地产今年全年核心纯利同比跌5%，但经营溢利(该行认为是更准确的评估指标)在上半年已转正，预测2026至2028年租金经营溢利复合年增长率约4%。该行预期2027财年核心纯利同比反弹8%，受惠租金经营溢利增长、2026年物业拨备的低基数效应，以及东半山司徒拔道御峰住宅项目入账及出售收益。股息方面，管理层表明再减派息的可能性不大，并指当盈利稳定(利息资本化比率正常化、不再有物业拨备)及杭州恒隆广场贡献提升时，可考虑增加股息。小摩预计2026至2028年股息维持平稳，每股料维持0.52港元，股息率约7.1%具吸引力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2656586904","isCrawlerRequest":true}

小摩：降恒隆地产(00101)目标价至10港元 股息率约7.1%具吸引力 评级“增持”

精彩评论

小摩：降恒隆地产(00101)目标价至10港元股息率约7.1%具吸引力评级“增持”