《大行報告》大摩下調九龍倉置業(01997.HK)目標價至34元 評級「減持」
摩根士丹利發表報告指,九龍倉置業(01997.HK)去年每股基礎盈利按年下跌13%至2.15元;末期每股派息按年下跌7%至0.64元,較該行預期低11%,較市場預期更低14%,主要由於投資物業的利潤率轉弱,以及酒店虧損虧大。
該行預期,集團今年的續租租金將繼續下跌,相信只有中港通關纔可推動明顯復甦,但目前通關已進一步推遲。
大摩下調九倉置業股份目標價,由36元降至34元,評級維持「減持」,並調低其今明兩年每股盈利預測各15%,以反映投資物業收入及EBIT利潤率下跌。該行預期,集團今年的每股派息及香港投資物業和酒店的持續基礎利潤將按年減少6%,認爲其今年預測股息收益率僅3.5%,並不吸引。
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