大和九仓(0004.HK)仍是稳固的资产概念股重申“买入”评级
大和发表研究报告,认为九仓(0004.HK)仍然是稳固的资产概念股,指出公司中期基础盈利下跌主要由于上半年确认入帐收入减少,预期公司下半年物业销售盈利表现将会改善,重申“买入”投资评级,维持目标价36.5港元。

大和表示,九仓中期基础盈利减少12%至22.36亿元,主要由于物业销售收入将于下半年确认入帐。期内,公司物业租金收入增加22%至近20亿元,而尚未确认入帐的销售额上升至约235亿元人民币。该行相信上述因素将利好公司下半年及未来的业绩表现。
大和又指,九仓的负债持续下降,上半年淨负债减少10亿元,淨负债比率由去年底的14.3%降至期内的12.9%。该行指九仓租金收入上升及物业销售盈利增长稳定,相信公司维持及增加派息的能力强。
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