摩通:料九置(1997.HK)今年派息會進一步下降 維持“減持”評級
摩根大通發表研究報告指,九龍倉置業(1997.HK)去年基礎盈利及每股派息大致符該行預期,但公司維持派息比率於65%的指引,令市場預期在盈利受壓下,公司或會通過增加派息比率來維持穩定派息的憧憬落空。該行預料,九置今年派息將會進一步下降,維持其“減持”評級,目標價38.2港元。
摩通指,公司去年基礎盈利為97.9億港元,按年跌3%,較該行預測高3.5%,公司全年股息削減3%。儘管有部分市場預期九置會提升派息比率以維持平穩的股息,然而公司維持其派息比率在65%,意味一旦盈利受壓,派息將會有下行風險。
該行又指,去年下半年海港城零售租金收入較上半年跌13%,即基本租金跌3%,租金分成則跌59%,若假設所有租金分成收入都來自海港城,意味海港城去年的收入貢獻由上半年的18.5%大跌至8.5%,預期今年其收入貢獻將進一步跌至低單位數。

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