金吾财讯 | 恒隆地产(00101)盘初股价走强，随后维持横盘走势，截至发稿，报6.15港元，涨3.36%，成交额5063.97万港元。消息面上，中金公司表示，恒隆2024年业绩略低于市场预期，派息符合市场预期。认为若2025年内地支持性政策持续落地支撑居民信心，叠加奢侈品出境流速斜率放缓，占公司租赁收入高比例的内地商场经营压力有望趋缓。据公司计划，杭州项目将自2025年起分期开业，其中购物中心计划1H26开业、当前预招租签约率达71%，另外无锡、上海料陆续在2025-27年有酒店等租赁项目开业。此外，开发物业存货销售有望提供额外现金流支持。该行维持跑赢行业评级和目标价7.43港元/股，对应7.0%的2025年目标股息收益率（隐含12倍2025年核心市盈率）和25%上行空间。
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