Market Brief

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徐文輝先生 (Tsui Man Fai)
高級交易員

現任職輝立交易員,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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置富產業信託(0778.HK)

Wednesday, January 09, 2019 Views1746

置富於2003年於新加坡上市, 2010年4月於港交所上市. 旗下共有16個商場, 遍佈港九新界及離島(見圖一),可出租面積達三佰萬平方尺. 集團旗下商場主要位於一般私人住宅區, 商舖業務穩定, 大部份租戶如大型超市, 連鎖零售店均為生活必需, 少受外圍經濟或股市所影響.

集團於2018的上半年業績,營業額上升2.2%至9.78億元(港元,下同), 而可分派收入則上升3.7%至5.05億元. 而即使有商場因資產增值措施正在翻新, 出租率仍高達96.0%.

集團為保持增長動力, 近年作出了數項資產組合優化的項目以增加回報,旗下最大的數個商場, 如第一城, 馬鞍山廣場均於早前完成工程. 而已於2018年6月開展工程的則是集團旗下面積最大的商場: 置富嘉湖, 相信完成後對集團收益及分派的增長動力會有正面影響.而且集團自2010年在港上市以來, 每年分派保持增加, 是除領展(0823.HK)之外的唯一做到的房託基金.

集團最近兩次分派共為0.5160港元,  以1月8日收市價$9.32計算息率達5.54%. 相較物業組合類型相近的領展息率高出近72%, 而市帳率的折讓則多出近30%. 近日領展屢創新高, 而置富則相較落後. 如利用市帳率計算估值, 假設因商場數目及發展策略有所不同存在25%折讓, 置富合理價值應近$10.30, 潛在上升空間達11%, 而息率仍然有近5%. 建議於$9.30買入作中長期持有, 或待至$10.3沽出.(9/1/2018)

風險

  1. 美國加息步伐比預期快令集團分派比率相對不吸引
  2. 經濟下滑影響租金加幅及出租率
  3. 資產增值措施成果未符預期

 

 

圖一

來源: 公司網頁

 

 

 

註:本人徐文輝為證監會持牌人士。截至本評論文章發表日止,本人及/或其有關聯繫者 並 無持有全部提及之証券的所有相關財務權益。

 

 

參考資料

Company interim Report, 2018

Company website

www.etnet.com.hk

 

 

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