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摩通:料九置(1997.HK)今年派息会进一步下降 维持“减持”评级
格隆汇 03-05 16:27

摩根大通发表研究报告指,九龙仓置业(1997.HK)去年基础盈利及每股派息大致符该行预期,但公司维持派息比率于65%的指引,令市场预期在盈利受压下,公司或会通过增加派息比率来维持稳定派息的憧憬落空。该行预料,九置今年派息将会进一步下降,维持其“减持”评级,目标价38.2港元。

摩通指,公司去年基础盈利为97.9亿港元,按年跌3%,较该行预测高3.5%,公司全年股息削减3%。尽管有部分市场预期九置会提升派息比率以维持平稳的股息,然而公司维持其派息比率在65%,意味一旦盈利受压,派息将会有下行风险。

该行又指,去年下半年海港城零售租金收入较上半年跌13%,即基本租金跌3%,租金分成则跌59%,若假设所有租金分成收入都来自海港城,意味海港城去年的收入贡献由上半年的18.5%大跌至8.5%,预期今年其收入贡献将进一步跌至低单位数。

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