《大行》花旗下調九倉(00004.HK)目標價及維持「沽售」評級 不預期增加對股東回報
花旗發表報告,指九龍倉集團(00004.HK)負債率為4.4%,若把其480億元長期投資中的398億元股票組合視作準現金,九倉實際持有330億元淨現金,為市值五成。考慮到宏觀不確定性及市場狀況,公司不急於再投資,並可能集中從現有土儲變現。
該行認為投資者或為公司增加股東回報的預期定價,但該行預期公司將維持穩定每股派息且不會上調,並認為進行回購的可能性低。該行認為九倉估值在業內最高,強勁資產負債表可允許公司在系內進行不同行動,但不一定對股價有利。
該行維持對九倉「沽售」評級,目標價由18.8元降至18.3元。
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