《大行》摩通料九置(01997.HK)今年盈利及股息將增長1%至2% 評級「增持」
摩根大通發表研究報告指,九龍倉置業(01997.HK)上半年租金收入按半年改善,但管理層在業績會上看法仍趨向保守,相信是由於下半年零售續租金預料將錄低單位數跌幅,屬市場預期之內。
管理層透露5月起零售銷售有所改善,海港城商戶銷售表現跑贏市場平均水平,但相信要觀察多幾個月才能確認是否完全見底。摩通指,公司旗下馬哥孛羅酒店正評估推進資產提升計劃,全面翻新預計需要資本開支約20億元,最早2026年底啟動,估計進行提升期間對租金收入將造成5%至6%暫時性影響。
受惠於HIBOR下降,令融資成本減少,加上下半年分成租金或將輕微改善,摩通目前預測九龍倉置業2025財年每股盈利及股息仍可錄1%及2%增長,給予「增持」評級,目標價27.5元,對應每股資產淨值(NAV)有約50%折讓。
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