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大行評級|摩根大通:維持九龍倉置業“減持”評級 上半年展望對比中期業績時更謹慎
格隆匯 03-11 13:52
摩根大通報吿指,九龍倉置業管理層對至少今年年上半年的展望,與中期業績相比變得更謹慎,因為至今尚未見到租户銷售顯著復甦。對於租金續租調整,雖然預計今年固定租金保持穩定,但鑑於約20%的佔用成本,該行認為存在下行風險。該行又指,九置為本港奢侈零售銷售的代理股,預計其表現將持續跑輸,直至出現復甦跡象。該股目前股息率6釐,在香港收租股中屬最低之一,並不特別吸引。該行維持對九置“減持”評級及17港元目標價。該行預計,由於零售銷售租金減少及辦公室續租租金持續下降,縱使有較低的融資成本抵消,今年盈利及每股股息將分別按年跌1.5%及1%。如租金能夠回穩,每股盈餘及每股股息可能於明年恢復增長。
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