《大行報告》花旗:太古地產(01972.HK)去年業績鞏固 每股派息增5%符預期
花旗銀行維持太古地產(01972.HK)買入評級,目標價19.9元,認為其業績穩健及租賃收入有增長,股價前景樂觀。
花旗指,太古地產去年基本溢利115.7億元,按年增長33%。若排除出售投資物業收益,其經常性基本溢利為72.85億元,與租賃業務表現一致。租賃收入達135.25億元,按年增10%,主要受惠於其在香港和中國內地零售組合的強勁復甦。全年每股派息為1.05港元,按年增長5%,符合該行預期,同時亦與公司承諾有中單位數派息增長一致。
香港市場方面,香港辦公室租賃收入按年跌2%,但零售租賃收入則按年顯著上升13%,反映零售強勁反彈,以於2023年沒有租金退減。
至於中國市場,太古地產於中國內地投資物業的租金收入升38%至45.93億元,而可歸屬於太古地產的零售租金收入按年增長20%至51.01億元。同樣是受零售銷售的強勁復甦,以及去年收購成都太古里帶來的額外租金收入所帶動。
至於風險因素方面,花旗提到,太古地產(魚則)魚涌辦公室租金增長低於預期,以及來自內地的遊客人數和消費低於預期。同時,經濟增長放緩也可能對辦公室需求產生負面影響。
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