Insights

買收租股希慎興業長期收息仍明智?

買入希慎興業(SEHK:14)作為長期收息之選是明智嗎? –

不少股息投資者會鍾情收租股收息,除了房產信託,不少擁有龐大物業組合的上市公司股份同樣受寵。希慎興業(SEHK:14)最近公布中期業績,經常性基本盈利及基本溢利均按年跌3.4%至13.46億元,中期分派按年維持於27仙。買希慎收息仍會是明智之選嗎?

疫情帶來強烈逆風

希慎在香港擁有龐大的物業組合,包括希慎廣場、利舞臺廣場等零售物業,利園多項寫字樓物業,以及住宅項目竹林苑。面對疫情對經濟帶來的衝擊,希慎的物業組合難以獨善其身。疫情中消費氣氛疲弱,本地消費者外出意欲大降,邊境管制措施導致旅客訪港意欲大減,零售物業受打擊沉重。面對經濟前景不明朗,加上靈活工作模式持續成形,企業擴大寫字樓空間的意欲亦受挫。

物業組合影響輕微

面對疫情帶來的逆風,希慎的寫字樓業務組合的營業額輕微下跌 0.2%。集團旗下物業質素高而且交通便利,出租率仍有96%,僅較去年底下跌2個百分點。集團指出有來自中環及金鐘等地區的金融企業有意租用旗下寫字樓,反映優質物業的租賃需求穩定,銀行及金融業佔寫字樓組合比例有望在下半年提升。

零售物業方面,希慎旗下的商舖業務組合表現較寫字樓遜色,營業額錄得10%同比跌幅。這主要可歸因於租戶營運表現不振,集團的議租能力被削弱,管理層指出上半年的續租租金檢討與新訂立租約的整體租金水平有所下跌。不過,商舖業務組合的租用率依然高企在94%,較去年底跌幅只有2個百分點。

物業估值減值顯著

對希慎期內業績造成最大衝擊的是物業組合公平值下調,由去年中期的投資物業公平值收益14.53億元,變為公平值虧損40.65億元。這主要可歸因於零售及經濟前景不明朗下,估值所用的資本化利率有所提升。不過,物業公平值變動屬於非現金項目,對集團期內實際可分派現金流的影響有限。再者,疫情影響屬於短中期因素,疫後零售表現重振,減值影響有望被更長線的物業升值所抵銷。

結語

儘管希慎的物業組合公平值下跌造成重大虧損,但物業租賃表現受影響輕微,收租能力依然吸引。

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 Alvin Yu沒持有以上提及的股票。

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

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!