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《大行報告》里昂下調九龍倉置業(01997.HK)目標價至33.9元 評級「沽售」
阿思達克 03-09 14:00
里昂發表研究報告,指受到社會事件影響,九龍倉置業(01997.HK)去年下半年的基礎淨盈利按年下跌8%,拖累全年基礎淨盈利按年減少3%。當中,零售及酒店業務錄得最大跌幅,不過最壞情況會在今年上半年出現,主要由於新型冠狀病毒爆發後旅客人數以及本地需求大挫。考慮到潛在的盈利下跌,以及派息比率不變,其資產價值(例如估值重估損失及股息)的風險不斷增加,維持其「沽售」投資評級,並建議投資者繼續避開此股。目標價由原來的34.2元下調至33.9元。該行預期零售租金將會進一步下跌,未來數年公司的盈利將面臨壓力,而管理層仍堅持著派息比率65%的政策,因此明顯地股息仍存在下行空間。由於借貸成本高,該行將九龍倉置業2020至2021年的盈利預測下調0.8%至0.9%。
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