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《大行報告》花旗:九倉(00004.HK)去年基礎淨盈利遜預期 兼削股息五成
阿思達克 03-10 14:32
花旗發表的研究報告指,九龍倉集團(00004.HK)去年核心盈利按年跌58%至27.1億元,較該行預期低55%,主要因為中國發展物業錄24.2億元的撥備及貢獻較少等,該行指出由於公司早於2月18日發盈警,故對盈利下跌不感驚訝,而公司宣派第二次中期息每股0.075元,連同早前派發的每股0.25元第一次中期息,全年派息為每股0.325元,按年下跌50%,較該行預測亦低50%,反映股息率僅2%。該行指出,公司在中國發展物業方面,期內經營溢利按年跌38%至49.27億元,而收入亦下跌33%至148.06億元,去年40萬平方米總樓面竣工並已入帳,而經營利潤率則收窄3個百分點至33%,去年合約銷售下跌13%至199億元人民幣,高於原定目標180億元人民幣。未入賬的銷售額增至274億元人民幣。而去年公司只購入一個位於杭州項目,而土儲則為350萬平方米。在內地投資物業方面,公司去年相關收入增長14%至39.24億元,租戶銷售則達50億元人民幣,相關收入貢獻達8.1億元。期內香港發展物業方面收入跌29%至11.8億元,受山頂Mount Nicholson項目貢獻減少影響,經營溢利降至6.69億元。(el/u) ~
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