You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》高盛降九倉(00004.HK)評級至「中性」 目標價上調至28.5元
阿思達克 08-13 12:36
高盛發表研究報告指,九龍倉集團(00004.HK)上半年業績符預期,核心純利按年升34%至24.7億元,達該行全年預測的33%,其內地物業銷售入帳料集中於下半年。業績亦受惠於人民幣升值9%,其經營溢利有58%來自內地。在疫情下去年基數較低,九倉上半年大部分業務均有改善,當中內地投資物業、香港住宅物業銷售入帳,以及物流板塊貨運量強勁復甦均屬亮點。 九倉維持中期息20仙,該行稱,意味派息比率由去年上半年的33%降至25%,按管理層解釋,反映在近期疫情反彈下市場不確定性增加,公司採保持態度。公司維持全年度派息比率30%目標,該行估算全年派息68仙,以現股價計股息率料2.6%。報告稱,近期中國科技股股價下滑,或對九倉投資組合帶來下行風險,即使管理層稱大部分科技股持倉屬美企。 在管理層會議中,高盛形容九倉管理層對下半年展望審慎樂觀,料內地購物商場續錄雙位數租金增長,因其銷售分成租金升至歷史高位,容許九倉有更大空間上調租金。考慮內地租金收入預測上調,物業銷售入帳進度更新,以及下調物業發展毛利率預測,下調2021至2023財年核心盈測分別2%、8%及23%,至分別2.32元、2.29元及2.58元。並上調估值基礎,將每股資產淨值(NAV)折讓由60%收窄至50%,目標價相應由21.8元升至28.5元;過去六個月股價累升約52%,跑贏本地地產股同業,由於上行空間有限,投資評級由「買入」降至「中性」。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account