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《大行報告》大摩:希慎(00014.HK)去年每股盈利遜預期 削派息仍不足以覆蓋現金盈利
阿思達克 02-22 16:30
摩根士丹利發表報告指,希慎(00014.HK)去年扣除永久項目所得利息的核心盈利倒退17%,至13.9億元,較該行預期低16%,主要因為缺乏林海山城項目入賬、上海利園的貢獻延遲、以及EBIT利潤率較低。全年派息減少25%至1.08元,相當於股息率7.9%,去年現金派息共11億元,未能以估算現金盈利8億元覆蓋。 希慎去年下半年零售租金收入按年下跌3%,因為有10%零售面積翻新,續租水平正面,EBIT利潤率由前年下半年的79%跌至77%。寫字樓租金收入按年跌6%,租金維持溫和,租用率穩定。 該行對希慎持「增持」評級,目標價20元。
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