《大行報告》摩通:粵投(00270.HK)因內房資產減值令去年少賺35% 關注或削減派息
粵海投資(00270.HK)今早股價捱沽,盤中曾低見4.89元一度下挫13.8%,中午收報5.12元跌9.7%。粵投發盈警,預計2023年度溢利將較2022年度的47.64億元減少約35%。主要由於內地房地產市場持續低迷,集團的物業成交量萎縮,銷售價格亦有所下跌,且發展中待售物業年內進行減值。
摩根大通發表報告表示,料投資者對粵海投資上述公告會作出負面反應,這主要是由於房地產開發項目的減值,雖然這些都是非現金支出,但該行認為粵海投資管理層可能會削減2023財年的股息,以維持穩定的派息比率(2022 年為84%),這意味著約7%的收益率。該行將等待粵海投資管理層對更新的股息政策及其資本分配計公布更多的細節。
粵海投資旗下附屬公司粵海置地(00124.HK)披露,於期內計提房地產存貨減值撥備約24.08億元,減值主要針對江門、中山、珠海等二、三線城市項目,粵海置地截至2023年上半年擁有價值350億港元的已竣工待售物業和待售開發中物業。
摩通估計粵海投資2023財年的股息可能會被削減,如果假設公司維持目前的派息(2022財年>80%),料其2023財年的股息也可能據該行所估計將削減35%(每股40港仙)。該行維持粵海投資「增持」評級及目標價7.25元。
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.