一文了解券商於九倉置業(01997.HK)公布業績後最新觀點、評級及目標價
九龍倉置業(01997.HK)今早股價受壓,該公司昨中午公布截至去年12月底止全年業績,營業額160.43億元,按年跌2.7%。純利39.28億元,按年跌78.2%,乃投資物業重估所致(2019年錄得虧損57億元,2018年則錄得盈餘80億元)。每股盈利1.29元。派第二次中期股息每股0.93元。2019年度股息總額為每股2.03元,較2018年同期減少3.3%,佔香港投資物業及酒店基礎淨盈利的65%。基礎淨盈利減少3%至97.91億元,相當於每股3.23元。期內,投資物業收入為142.79億元,按年輕微下跌0.17%;投資物業營業盈利則為125.01億元,按年大致持平。海港城的總收入及營業盈利均下跌2%,分別至115.77億元及94.47億元。酒店收入下跌17%至15.07億元,營業盈利下跌76%至6,100萬元。不少券商擔心九龍倉置業面對疫情影響下,今年營運環境存挑戰。 【業績輕微遜 前景存挑戰】瑞信發表報告指,九龍倉置業去年基礎淨盈利按年跌3%至98億元,較該行原預期低6%,但指今年以來股價已累跌23%(對比本港地產股跌5%),料其今年第二季零售疲弱情況已在股價上反映,維持對其「中性」投資評級,目標價由49.2元降至41.3元,並調低對其2020年及2021年每股盈利預測各12%。花旗表示,九龍倉置業去年基礎淨盈利按年跌3%至97.91億元,指來自投資物業基礎淨盈利按年下滑3%至94.55億,較該行原預期低3%,估計旗下海港城及時代廣場今年上半年表現會遜市場預期,因內地因疫情因素管制內地旅客來港。本網綜合8間券商,列出對九龍倉置業公布業績後最新觀點、評級及目標價:券商│投資評級│目標價(港元)高盛│買入│51元大和│買入│68.4->50.2元美銀證券│中性│47元花旗│買入│57->46.8元瑞信│中性│49.2->41.3元摩根士丹利│減持│40元摩根大通│減持│38.2元瑞銀│沽售->中性│39.6->37元------------券商│觀點高盛│去年業績及派息符預期,指估值吸引大和│今年營運存不確定性及挑戰美銀證券│每股派息略遜預期瑞信│零售前景艱難,但料估值有支持摩根士丹利│去年股息回報5.6厘,但料未來難保持摩根大通│漸進提高派息比率憧憬落空,維持「減持」評級瑞銀│風險與回報比率趨平衡,但對長期前景仍感負面
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