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《大行报告》花旗:九仓(00004.HK)去年每股派息符预期 内地业务入账强劲
阿思达克 03-09 14:17
花旗发表研究报告,指九仓(00004.HK)去年度核心盈利增14%至30.92亿元,扭转上半年亏损17.41亿元,主因下半年内地发展物业入帐明显上升。第二次中期息每股20仙;全年计共派40仙,按年增长23%,符该行预期,相等於股息率为2.2%。花旗予九仓「中性」评级,目标价20.4元。

该行指出,九仓内地业务入账强劲,来自内地发展物业的经营溢利增长55%至76.21亿元,收入升19%至176.58亿元,经营利润率扩12个百分点至57%。去年公司合约销售录174亿元人民币,按年跌13%,不过仍高於原先目标150亿元人民币;发展物业土储录280万平方米。投资物业务面,收入升7%至42.01亿元,相较上半年提供租金减免的逆境,旗下旗舰商场下半年录破纪录销售,长沙IFS商场届去年底录100%出租率,成都IFS去年整体收入增6%,经营利润增12%,商户销售更按年升18%;届去年底,成都IFS办公室亦录82%出租率。

花旗又称,九仓香港发展物业确认收入按年录23%增长,至14.53亿元,经营溢利升至7.97亿元,主要来自山顶Mount Nicholson的贡献。

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