大行评级|花旗:下调九龙仓集团目标价至19.6港元,股息率为同业中最低

格隆汇
Aug 12
花旗发表研报指,九龙仓集团管理层在业绩会上明确表示有意动用手头现金来购置香港土地,截至今年6月底集团净现金为62亿港元,若扣除现代货箱码头有限公司的24亿港元净负债,并将其300亿港元上市股票组合视作类现金,即极具流动性的资产,预料集团实际可动用资金将超过逾380亿港元。九龙仓中期宣派特别息20港仙,以庆祝集团成立140年,管理层强调派息政策并未改变,未来将继续秉持长期资产质素主导的价值创造理念。花旗指,撇除特别息,集团股息率仅1.9%,即使计及亦只有2.9%,为同业中最低,加上投资者倾向寻求可持续股东回报提升而非一次性特别息,因此维持“沽售”评级,将2026年核心盈利预测下调1.5%,目标价由21.15港元下调至19.6港元,对应每股资产净值折让约55%。

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