《大行報告》大摩上調九倉(00004.HK)目標價至19元 評級「減持」
摩根士丹利發表研究報告,指去年下半年,九倉(00004.HK)盈利復甦強勁,主要由中國租賃收入及發展物業帶動,不過業務前景仍有不確定性,維持「減持」評級,目標價由18元上調至19元。
該行指,公司去年經常性盈利跌8%至60億元,派息增23%,但股息收益率只有2.1%,而目前派息政策仍未清晰,加上其投資證券組合持續增加,在波動市場中令投資者擔心。
該行又指,公司認為香港市場吸引力較內地市場為高,因樓價和政策限制都較少,雖然去年下半年上海特定項目有較高邊際利潤,未來或不能持續。不過內地商場正受惠奢侈品需求增加。
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