《大行報告》摩通降九倉(00004.HK)評級至「減持」 目標價下調至14元
摩根大通發表研究報告,指對九倉(00004.HK)因為作出非現金撥備而削減50%派息感失望。雖然看到此股份具有價值,但鑑於其令人失望的派息、在經營遇上挑戰,以及會德豐(00020.HK)私有化後自由流通量增加75%。將其投資評級由「增持」降至「減持」,目標價由原來的26元調低至14元。
摩通表示,公司是次派息比率由30%降至14%,有見集團的負債比率僅得13%,因此認為沒有必要削減股息。該行指出,其2019財年中國投資物業營運收入按年增長14%,營運溢利按年增長22%,但管理層視商場暫時關閉及短期的租金紓緩措施為運營挑戰。在中國發展物業方面,雖然2019財年的合同銷售超出目標11%,但最近的銷售及工程都受到影響。該行認為,這些因素已大致是市場所知的,對公司經營現金流的影響應該有限。
對於公司會否仍是私有化的對象,該行認為這視乎公司的估值,相信現時沒有將九龍倉私有化的既定時間表。唯有九龍倉的估值比目前的水平便宜很多的情況下,這可能性才會增加。該行又相信,大股東並不會介意投資者不欣賞其保守的現金管理。
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