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能夠食盡中國零售復甦的一隻股票

恒隆(SEHK:101)的收租業務相對穩定,加上穩定派息及環球利率向下,都有助帶動公司股價,但香港的疫情或有機會稍為拖累公司的香港業務,但相信影響不會嚴重。 –

今年香港受政局及疫情雙重衝擊,旅遊業及零售業幾乎停頓,對地產股也帶來嚴重影響,多家港資地產股及收租股,今年以來仍錄得相對大的跌幅。不過,同樣是港資的恒隆地產(SEHK:101),股價則相對硬淨,今年7月更一度創歷史新高。

恒隆地產不受疫情大影響

它的股價走勢與其他同業不同,源於其業務重點放在內地,而內地經濟似乎有強勁復蘇所致。

恒隆地產早前公布業績,收入為41.84億元,去年同期則錄得42.04億元,未有顯著變化;撇除物業重估後的利潤則有19.93億元,較去年同期減少4%。雖然受經濟形勢影響未來物業租金及現金流預期,致物業重估錄得虧損,但這個因素並沒有對公司的營運及現金流有影響,故公司在嚴峻經濟形勢下,仍能派出0.17元中期股息,與去年同期一樣。

公司表示,香港的租賃收入較去年同期下跌5%,至19.07億元銅鑼灣商舖組合因遊客及相關零售消費大幅減少,而受到最大衝擊。該組合的收入較去年同期下降13%至港幣2.81億元,租出率下跌7個百分點至92%。旺角雅蘭中心及家樂坊的收入減少9%

不過,康怡廣場及淘大商場等社區購物商場受到的影響較小,收入分別上升1%及溫和下降5%。康怡廣場的超大型百貨商店AEON STYLE繼續表現良好。

內地業務復蘇速度迅速。公司指出,自4月起內地業務迅速及大幅度地復甦,導致以人民幣計算增長9%,以港幣計算則增長4%。主要受公司2019年第三季度開業昆明恒隆廣場、無錫恒隆廣場第二座辦公樓及瀋陽康萊德酒店。但撇除該等新物業帶來的收入,並受到疫情影響,租賃收入仍較去年同期上升3%

上海恒隆廣場、上海港匯恒隆廣場及無錫恒隆廣場的零售額錄得介乎7%17%的增長,租賃收入的相應增長介乎6%15%

恒隆更指出,內地疫情減退後,奢侈品銷售額由4月起大幅反彈,也反映隨著全球受疫情影響時,高端消費力轉而在當地釋放,而較少奢侈品牌的其他零售物業溫和復甦,反映政府及企業均對回復正常生活採取較保守態度。

投資結語

可以見到,恒隆的收租業務相對穩定,加上穩定派息及環球利率向下,都有助帶動公司股價,但香港的疫情或有機會稍為拖累公司的香港業務,但相信影響不會嚴重。

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 Wu Chung Pong 為證監會持牌人,沒持有以上提及的股票。

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

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