《大行報告》大摩:九倉(00004.HK)去年發展物業及港口業務疲弱
大摩發表評級報告指,九倉(00004.HK)去年基礎盈利達36億元,受惠物業減值撥備降至約19億元(2022年57億元)。該行指,內地去年下半年租務業務EBIT按年升4%,全年營業額提租金收入按年升1%,佔內地租金收入的28%。發展物業方面,公司在內地去年應佔已簽約銷售額按年跌62%至26億元人民幣,EBIT利潤率達14%。該行又指,由於吞吐量下跌,去年物流EBIT按年跌50%。
另外由於出售及虧損,公司投資組合減少至420億元,淨負債率達5.3%。該行給予九倉目標價為19元,評級為「減持」。(ca/u)
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