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盈利倒退續派特別息 利郎息率逾10厘揸得過?

中國利郎(SEHK:1234)受內地疫情拖累,上半年少賺3成,惟中期維持高分派,兼有特別息,現價息率高逾10厘。 –

內地男裝品牌中國利郎(SEHK:1234)雖然半年少賺3成,但公司維持高派息,加上內地經濟持續復甦下,公司業務前景可睇好,在現價股息率逾10厘,值得長線持有。

5派息比率7

利郎截至6月30日止中期業績,股東應佔溢利為2.69億元(人民幣‧下同),按年減少30.78%,每股盈利22.5分。公司派發派息12港仙及特別中期息5港仙,合共17港仙,較去年同期中期息18港仙及特別中期息8港仙(共26港仙)減少34.6%,派息比率維持在近7成水平。計及上年度末期息和末期特別息,股息率達10.6厘,屬超高息一族。

手頭資金充裕

利郎的一大特色是每次中期或末期業績,除了基本分派外,還會派發特別股息。公司2009年上市,2011年起每年業績便採取這種分派模式且從不間斷,因此其特別股息並不特別,應與普通股息一併看待,而在過去5個年度(2015至2019年度)實際派息比率一直維持在7至8成的高水平。

雖然利郎在上半年多了一筆2.73億元的銀行貸款,但流動負債與去年底相比實際8000多萬至9.43億元,而手持現金17.3億元,公司手頭資金充裕,相信可以維持高息政策。

公司對全年業務有信心

業務表現方面,符合盈警公告,利郎上半年收入按年跌29%至10.93億元,而毛利率按年亦跌2個百分點至39.4%,主要是由於集團取銷部份分銷商的今年春夏季訂貨會訂單所致。截至6月底,利郎半年內縮減98間零售門店至共2717間。在新冠肺炎疫情衝擊下,公司表現並不失禮。

利郎審計中期業績數據時,內地疫情仍持續錄得本地確診個案,因此公司對下半年展望相對保守。而在假設疫情持續反覆的背景下,公司指上半年為控制疫情對業務的影響,已加大推動電商業務,並會嚴控秋、冬季的訂單,以降減低庫存再積壓風險,公司稱有信心業務表現可跑贏同業,並維持「LILANZ」產品總零售額不低於中單位數增長的目標。

由於內地疫情有退卻跡象,總體經濟數據復甦勢頭向好,相信下半年利郎業務可跟隨回暖,若能追平去年下半年表現,加上公司維持現有派息水平,投資者今年全年便可繼續安穩收取10厘股息。

編輯: Yan

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 Carlos Hie沒持有以上提及的股票。

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

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