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《大行報告》花旗升九置(01997.HK)目標價至35元 派息實現三年複合增長率高達16%
花旗發表報告,預期九龍倉置業(01997.HK)2024年租金收入有上升空間,而利息支出或會下跌。該行指,市場憂慮人民幣貶值導致內地旅客消費減少,以及港人北上消費增加的因素,九龍倉置業去年下半年被過度看淡。 不過,隨著內地奢侈品牌積極加價,以反映最新人民幣匯價,該行預計香港與內地奢侈品價格之間的差距將擴大至約10%,對內地消費者而言,在香港購買奢侈品的吸引力重燃。至於有全國政協常委建議提升內地遊客入境攜帶行李物品免稅額,由每次5,000元至每次30,000元的建議,該行認為相關提議將可成為九龍倉置業短期股價催化劑。因此花旗將九龍倉置業目標價由32.7元上調至35元,評級「買入」,並重申為首選股。 此外,報告稱,九置派息實現三年複合增長率高達16%;其去年全年總派息每股1.28元,按年跌2%,相當於經常性核心盈利分派比率65%,以上日(7日)中午收市價而言,股息率達5.2%屬十分吸引,因預期每股派息有按年上升空間。
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