太古地产:重奢运营久久为功 26年租金有望再迎增长

华创证券
10 Apr

股息稳定增长的高端商业地产开发商,物业投资平均贡献股东应占经常性基本溢利的117%。1)公司有稳定增长的分红目标,即派发约50%的基本溢利作为普通股息,且每年股息以中单位数的幅度增长,股东应占经常性净利润对分红保障比例长期超100%。2)公司营收以及归母净利长期主要来自于物业投资产生的租金收入,2018-2024 年物业投资营收(租金收入)平均占营收88%、租金贡献的归母净利润平均占股东应占经常性...

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