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花旗:維持招商局置地(0978.HK)買入評級 發展前景清晰
格隆匯 03-31 16:28

花旗發表報告指,招商局置地(0978.HK)管理層預期今年將可分派利潤約30%用作派息,預期今年股息率可達12%(料每股股息0.132元人民幣)。

該行指,招商局置地去年度核心盈利強勁增長30%,毛利率及負債率保持平穩,約4.99%借貸成本仍處於行業低位,派息比率率更由2018年的25.5%提升至36.5%。

花旗表示,隨着招商局商業房託(1503.HK)去年底掛牌,招商局置地成為其房託管理人。預計,今年可貢獻1,800萬元人民幣的管理費收入,加上2018年從招商蛇口收購的北京及上海三棟寫字樓20%股權,可帶來租金及資產管理費用收入,相信公司可繼續利用母企資源,擴大資產管理業務。花旗又指出,其資產負債率目前為45%,亦為未來投資提供空間。

該行指,受疫情影響,招商局置地訂下2020年較保守的330億元人民幣銷售目標,對應可售資源559億元人民幣及約60%去化率,但相信公司積極補充土儲,今年預算為100億元人民幣,認為發展前景清晰,維持“買入”評級,目標價由1.47港元微降至1.42港元。

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