《大行報告》大摩對九龍倉置業(01997.HK)中期因重估錄虧損不感意外 料短期估值受壓
就九龍倉置業(01997.HK)發盈警預計今年上半年業績將轉虧,主因是極端市況不利集團的投資物業和酒店,並可能導致集團投資物業和酒店錄得未變現重估虧損,摩根士丹利發表報告表示,對九龍倉置業上半年錄得重估虧損並不感到意外,公司於2019年下半年已錄得物業重估虧損76億元,同期淨虧損31億元。
該行估計九龍倉置業於今年12月底投資物業約2,600億元,只要估值下降1.5%便會導致半年度呈現虧損。該行預料公司今年上半年基礎淨盈利將按年跌26%至38億元。
但該行指,九龍倉置業於8月20日才會公布中期業績,於現時還早便發出盈警,或令市場感到憂慮,該行關注公司或受新冠疫情影響下面臨空置率上升、租金重整令租值有下行的風險。
大摩表示,雖然九龍倉置業目前估值較低,對每股資產淨值折讓58%,2021年度股息回報約6厘,但料公司短期估值仍會受壓,維持對其「減持」評級及目標價36元。
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