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大行评级｜大摩：予希慎“增持”评级及目标价20港元 削派息仍不足以覆盖现金盈利

Bank Ratings | Damo: Yu Xishen's “increase” rating and target price of HK$20 cut in dividends are still insufficient to cover cash profits

Gelonghui Finance ·  Feb 22 21:54

According to a report published by Morgan Stanley, Hysan's core profit after deducting interest from permanent projects fell 17% to HK$1.39 billion last year, 16% lower than the bank's forecast, mainly due to lack of accounts for the Linhai Mountain City project, delays in Shanghai Lee Garden's contribution, and low EBIT profit margin. Annual dividends were reduced by 25% to HK$1.08, equivalent to a dividend ratio of 7.9%. Last year's cash dividends totaled HK$1.1 billion, which were not covered by an estimated cash profit of HK$800 million. Hysan's retail rental revenue fell 3% year-on-year in the second half of last year, as 10% of retail space was renovated, and the EBIT profit margin fell to 77% from 79% in the second half of the previous year. Office rental income decreased by 6% year-on-year, rents remained moderate, and occupancy rates remained stable. The bank has an “overholding” rating for Hysan, with a target price of HK$20.

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