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朗廷業績災難級 應該供股嗎?

酒店信託朗廷(SEHK:1270)最新業績的可分派收入幾乎歸零,值得供股嗎? –

朗廷(SEHK:1270)是香港唯一的上市酒店信託,信託旗下主要有三個酒店項目——香港朗廷酒店、香港康得思酒店,以及香港逸東酒店,過去受惠於香港旅遊業穩步擴張,惟新冠肺炎疫情帶來沉重打擊,最新公布的可分派收入幾乎歸零。朗廷將在812日除淨派發出每2股供1股的供股權,應該供股

新冠疫情逆風猛烈

朗廷過去受惠於本地旅遊業的穩定發展,但疫情中旅遊陷入停頓,訪港遊客人次大減下,酒店需求急速下降,朗廷所受打擊不輕。管理人指出旗下組合的留宿旅客人數在上半年下跌逾90%,入住率大幅減少近70個百分點,平均房價更大跌近4成。過去在社會事件期間曾為朗廷帶來防守性收入的酒店餐飲業務同樣大受打擊,疫情中外出餐飲意欲下降防疫措施限制社交距離,可供待客的座位數目減少,餐飲業務收入上半年50.8%

可幸的是,信託旗下酒店已出租予總承租人,租金包括按比例每年225百萬港元固定租金,以及按酒店合計經營毛利的70%計算浮動租金。疫情中浮動租金收入歸零,但固定租金收入未有減少,成為信託的最後防線。然而,總租金收入大跌64.5%,上半年的可分派收入僅得36,000港元

供股再投資不可取

朗廷早前公布最多集資約1,019百萬港元的供股計劃的供股權將於812日除淨,於記錄日期每持有2個股份合訂單位獲發1個供股股份合訂單位,供股價為每個供股股份合訂單位0.95港元。到底值不值得供呢?

若選擇不供股,結果是股權顯著攤薄,因為鷹君需按不可撤回承諾就獲配發的供股權認購股份,鷹君更擬以額外申請方式申請所允許最高數目股股份合訂單位。不過,股東選擇供股的實際得益亦不必很大,因為疫情在全球各地均有反彈跡象,香港則踏入第三波疫情,而疫情一日未全面受控,旅遊業難以在短期內回復至疫前水平。在2020上半年,即使未計投資物業公平值減少的影響,朗廷的溢利仍低於期內融資成本,除非旅遊復甦,朗廷或將繼續維持零分派。

結語

供股在性質上等同於增加投資,而酒店營運業務的回報增長空間始終有限,反而眼前下行風險相當高,因此股東選擇供股未必理想。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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