智通财经APP获悉，美银证券发布研报称，九龙仓集团(00004)今年豪宅利润有望攀升，受多个新项目支持，包括龙翔道项目、山顶种植道1号以及成都IFS服务式住宅等，未来两至三年有更多新项目准备登场。该行料其今年核心纯利同比升19%，因上调每股资产净值(NAV)估算，目标价由28港元上调4%至29港元。该股现价较NAV折让达64%估值不高，但30%低段的派息比率目标令今年股息收益率料仅2%，维持“中性”评级。
报告提到，九龙仓集团核心盈利41亿港元，同比增长47%，并较预期高出12%，主要由于发展物业减损收窄。九龙仓在其上市股本投资组合录得100亿港元盈余，并于2025财年出售97亿港元投资，加上2026年首两个月再出售20亿港元。因此，其由6月底的65亿港元净债务，转为12月底的20亿港元净现金。账面值按半年升2%至每股48.01港元。该行修订2026至2028财年每股盈测，主要由于发展物业入账时间变动。该行补充，去年租金收入跌3%，EBIT跌4%，但内地租户销售在今年首两月反弹。管理层指引今年租金收入持平。
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