金吾财讯 | 兴业证券研报指出,九龙仓置业(01997)2025H1营业收入64.07亿港元,同比减少1.4%,其中投资物业租金收入53.71亿港元,同比减少3.1%,主要由于时代广场收入下降导致,香港写字楼及零售市场仍然面临需求疲弱的环境,公司的新签约租金有下行压力。公司的核心净利润为31.19亿港元,同比基本持平,主要由于上半年香港利率下行,公司的融资成本下降导致利息支出减少。该机构指,公司中期每股派息0.66港元,同比增长3.1%,派息总金额为24.04亿港元,占投资物业及酒店基础盈利的65%,继续保持稳健的派息政策。公司的主营业务带来充裕的现金流,截至2025H1经营性净现金流入34亿港元,可以覆盖公司的利息及派息支出。该机构续指,截至2025年中期,公司核心物业海港城和时代广场的商场出租率分别为93%和96%,写字楼出租率均为90%,处于较高水平。但新签约租金都面临下行压力,导致投资物业产生了51.5亿港元的重估减值,其中海港城(不包含三间酒店)减值27亿港元,时代广场减值17亿港元,重估减值对现金流没有影响,但仍然反映了悲观的市场前景。该机构表示,虽然香港的零售和写字楼市场面临压力,公司的两大核心物业海港城和时代广场保持稳健的经营,出租率维持在较高水平。公司继续保持审慎的财务策略,不断降低负债,确保财务安全。随着香港利率的下行,公司的融资成本也不断改善,财务支出大幅减少。公司的投资物业带来充裕的现金流,可保障公司的派息,目前年化股息收益率超过5%,仍然具有性价比。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.