《大行報告》花旗:九倉(00004.HK)去年每股派息符預期 內地業務入賬強勁
花旗發表研究報告,指九倉(00004.HK)去年度核心盈利增14%至30.92億元,扭轉上半年虧損17.41億元,主因下半年內地發展物業入帳明顯上升。第二次中期息每股20仙;全年計共派40仙,按年增長23%,符該行預期,相等於股息率為2.2%。花旗予九倉「中性」評級,目標價20.4元。
該行指出,九倉內地業務入賬強勁,來自內地發展物業的經營溢利增長55%至76.21億元,收入升19%至176.58億元,經營利潤率擴12個百分點至57%。去年公司合約銷售錄174億元人民幣,按年跌13%,不過仍高於原先目標150億元人民幣;發展物業土儲錄280萬平方米。投資物業務面,收入升7%至42.01億元,相較上半年提供租金減免的逆境,旗下旗艦商場下半年錄破紀錄銷售,長沙IFS商場屆去年底錄100%出租率,成都IFS去年整體收入增6%,經營利潤增12%,商戶銷售更按年升18%;屆去年底,成都IFS辦公室亦錄82%出租率。
花旗又稱,九倉香港發展物業確認收入按年錄23%增長,至14.53億元,經營溢利升至7.97億元,主要來自山頂Mount Nicholson的貢獻。
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