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《大行》大摩:恆隆地產(00101.HK)上半年每股盈利遜預期 全年股息或難持平
阿思達克 07-30 15:52
摩根士丹利研究報告指出,恆隆地產(00101.HK)上半年每股盈利按年跌13%至0.33元,低於市場預期0.35元。淨收入按年下降9%,低於預期的6%跌幅,股本基礎擴張6%。中期股息維持0.12元,與去年同期持平,過去12個月股息收益率達6.7%,仍具吸引力,但末期息是否可達0.4元仍待觀察。若將上半年淨收入15.87億元扣除資本化利息4.91億元計算,僅能支撐0.46元股息,恐怕難以維持全年股息持平。 業務方面,內地零售銷售額持續疲軟,按年跌4%,香港零售銷售額亦下降2%。內地辦公室租金收入按年跌5%,依然疲弱,惟武漢與瀋陽以外地區的零售租賃表現相對穩健。淨負債比率穩定於33.5%,融資成本改善至3.9%。該行現予目標價6.5元及「與大市同步」評級。
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