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《大行》花旗:恆隆地產(00101.HK)中期派息穩定 基本盈利符預期
阿思達克 07-30 15:10
花旗發表報告表示,恆隆地產(00101.HK)今年上半年基本盈利按年下降8.5%至15.87億元,符合預期,佔該行對其當前財年估計的53%(2024年上半年56%),盈利下降主要由於租金收入減少(按年跌3%)、物業開發及酒店業務虧損擴大,以及淨融資成本按年增長11%,因債務規模擴大,儘管平均融資成本降低。每股中期股息為0.12元,公司繼續提供以股代息選項。隱含中期股息支付比率為36%(2024年上半年為32%)。 該行指,整體租金收入按年下降3%,利潤率穩定。整體租金收入按年下降3%(2024財年為6%)至46.78億元,佔該行對其全年估計的51%。租務營運利潤按年下降3%(2024財年為-9%)至33億元,租務利潤率為71.5%(2024年上半年/全年:71.5%/71.1%)。 花旗指,恆隆地產旗下香港租金收入按年下降4%(2024財年:-9%),香港零售收入按年下降7%,租戶銷售額下降2%,主要因2024年3月續租的主要租戶租金降低。本港寫字樓收入按年下降1%,出租率為87%。 該行表示,關注恆隆地產披露更多股息前景資訊,市場焦點可能集中在中國內地零售銷售/租金預期、杭州西湖66號項目的預租進展、資本支出計劃及資金管理。該行維持恆隆地產「買入」評級及目標價7.05元。(wl/u) ~
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