里昂发布研报称，九龙仓置业（01997）将股息支付比率由65%提高至90%，带来惊喜。加上出售会德丰广场带动每股股息增长，展现管理层致力于提升股东回报的决心。公司现时提供与房地产投资信托基金相近的股东回报特征。重要的是，管理层表示无意调低股息支付比率。将目标价由40港元上调至42.2港元，重申“跑赢大市”评级兼视为首选股。
该行将九龙仓置业2026至28年每股股息预测分别上调40.1%、43.5%及43.5%，以反映较高股息支付比率及会德丰广场出售的增值影响。该行认为显著改善的股东回报足以支持重新评级。
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