摩通:維持九龍倉(0004.HK)中性評級 目標價16.7港元
摩根大通發表報告指,九龍倉(0004.HK)中期內地經營表現不太差,維持中性評級,目標價16.7港元。
報告指,集團上半年撥備前基本盈利下跌33%,但下跌主要由於受到疫情影響施工下,內地物業發展入賬收入減少,投資物業上半年盈利貢獻持平,而物流業務只蝕2800萬港元,雖然派息減少,但派息比例仍維持35%。就經營而言九龍倉表現相對較好,但對一些關鍵問題仍有疑問。
摩通指,今年到目前為止,住宅市場的價格一直持平,惟集團為九龍塘住宅項目撥備29億港元。另外,報告亦指,不明白為什麼集團喜歡股權投資,九龍倉長期投資組合從去年底365億港元增加到今年6月底460億港元,該行認為利用槓桿購買股票並不是資產配置的合理策略。

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