《大行報告》瑞銀降希慎(00014.HK)目標價至23.8元 盈利及派息遜
瑞銀發表研報指,希慎(00014.HK)去年度核心盈利按年下跌17%至13.9億元,低於該行預期。希慎末期每股派息81港仙,按年減少31%,全年計股息為每股1.08元,即派息比率由88%降至80%,亦低於瑞銀預期。
瑞銀指出,希慎今明兩年僅分別有1.58億及28億元債務將到期,手頭現金及未提取循環貸款額度充裕,相信可償還相關債務,末期派息削減後預期2023年度實現3.08億元正經營現金流。
考慮到利園的資產提升工程已完成,該行相信希慎的租金收入增長獲支持,目前預測2024年每股派息可維持不變,但提醒每年20億元的持續資本支出可能會進一步推高希慎直至2026年淨資產負債率。比較同業股息率後,瑞銀預期希慎削派息會為股價帶來負面影響,將目標價由26.3元下調至23.8元,評級「買入」。
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