研報掘金丨新華匯富:星盛商業現金充裕且無負債,營運風險相對較低
新華匯富日前研報指出,星盛商業(6668.HK)主要在中國以商場管理者的模式營運,其主要品牌包括COCO Park、COCO City、COCO Garden和 iCO。目前,公司管理着29個運營項目,總建築面積約爲177萬平方米。在2024年上半年,公司整體出租率爲92.5%。成熟地點的出租率可達到高90%,而新項目亦能迅速上升至接近 90%。公司現金充裕且無負債。截至2024年6月底,總資產爲23.5億港元,其中63%或14.7億港元爲現金和定期存款。其餘資產主要爲分租物業的長期租約。目前每股現金約計算爲1.45港元,爲現股價1.23港元的1.17倍。鑑於COCO Park的良好聲譽和強大的租戶招募能力,其商業模式的營運風險應相對較低。新華匯富是香港老牌機構,在金融市場中具有一定影響力,尤其在證券經紀和企業融資領域表現突出。
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