致登記股東之信函— 發布公司通訊之新安排 根據《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第2.07A條、香港法例第622章《公司條例》及九龍倉集 團有限公司（「本公司」）之組織章程細則，本公司謹通知 閣下，本公司將以電子形式取代印刷本發布日後所有本公司的公 司通訊（「公司通訊」1 ）。 1. 在網站刊發公司通訊 本公司網站www.wharfholdings.com和香港交易及結算所有限公司網站www.hkexnews.hk（「披露易網站」）（統稱「該等網 站」）將登載日後所有公司通訊的中英文電子版，以取代印刷本。 閣下如欲閱覽公司通訊，可在本公司網站主頁點擊「投資 者關係」欄，然後選擇「財務報告」以閱覽年報和中期報告書，及選擇「公告」或「股東通函及其它」以閱覽其它公司通訊，或 亦可瀏覽披露易網站。 2. 可供採取行動的公司通訊2 根據《上市規則》，本公司須向每名本公司股東（「股東」）個別發送可供採取行動的公司通訊。為方便以電子形式發布 可供採取行動的公司通訊，本公司建議 閣下向本公司提供有效的電郵地址。 閣下提供電郵地址即表示同意以電子形式接 收可供採取行動的公司通訊和任何其它適用文件。如 閣 ...

Core Viewpoint - Kowloon Warehouse Group reported a significant turnaround in its financial performance, moving from a loss to a profit, despite a decline in revenue [1] Financial Performance - For the half-year period ending June 30, 2025, the company reported revenue of HKD 5.669 billion, a year-on-year decrease of 19.38% [1] - Shareholders' profit was HKD 535 million, compared to a loss of HKD 2.637 billion in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.20 per share [1] Investment Property Revenue - Revenue from investment properties decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit also saw a decline of 6%, falling to HKD 1.484 billion from HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - Citigroup reported that the company's debt ratio stands at 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stocks treated as quasi-cash, the net cash position is approximately HKD 33 billion, representing 50% of its market value [1] - The company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] Shareholder Returns and Valuation - Citigroup believes that investors may be pricing in expectations for increased shareholder returns, but anticipates that the company will maintain stable dividends per share without increases [1] - The likelihood of share buybacks is considered low, and the company is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]

Core Viewpoint - Kowloon Warehouse Group reported a significant decline in revenue but achieved profitability compared to the previous year, indicating a potential recovery despite ongoing market challenges [1] Financial Performance - Revenue for the half-year period ending June 30, 2025, was HKD 5.669 billion, a decrease of 19.38% year-on-year [1] - Shareholders' profit was HKD 535 million, a turnaround from a loss of HKD 2.637 billion in the same period last year [1] - Basic earnings per share were HKD 0.18, with an interim dividend proposed at HKD 0.2 per share [1] Investment Property Revenue - Investment property income decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit fell by 6% to HKD 1.484 billion, compared to HKD 1.573 billion in 2024, attributed to soft rental rates for malls and office buildings [1] Debt and Cash Position - The company's debt ratio stands at 4.4%, with a net cash position of HKD 33 billion when considering HKD 39.8 billion in stocks as quasi-cash from a total long-term investment of HKD 48 billion [1] - The market capitalization is supported by this strong cash position, representing 50% of the company's value [1] Market Outlook - Citigroup's report suggests that the company is not in a hurry to reinvest due to macroeconomic uncertainties and may focus on monetizing existing land reserves [1] - The expectation for increased shareholder returns is reflected in the pricing, but the company is likely to maintain stable dividends without increases, and the likelihood of share buybacks is considered low [1] - The valuation of Kowloon Warehouse Group is viewed as the highest in the industry, with a strong balance sheet allowing for various actions within the group, though not necessarily beneficial for the stock price [1]

Group 1 - The core viewpoint of the report indicates that Kowloon Development's (00004) basic profit for the first half of the year increased by 3% to HKD 2.035 billion, exceeding expectations due to reduced impairment losses and lower-than-expected interest and tax expenses [1] - The interim dividend remains unchanged at HKD 0.20 per share [1] - The target price for Kowloon Development has been lowered from HKD 25.1 to HKD 24.9, while the investment rating has been upgraded from "Hold" to "Buy" [1] Group 2 - Kowloon Development's stock price has dropped by 6% over the past month, underperforming the market by 9 percentage points [1] - The current stock price is trading at a 60% discount to the bank's assessed net asset value, slightly higher than the ten-year average of 59% [1] - The company may see improved market sentiment if the upcoming residential projects receive a positive market response [1]

Core Viewpoint - DBS reported that Wharf Real Estate Investment Company (00004) achieved a 3% year-on-year increase in underlying profit to HKD 2.035 billion, exceeding the bank's expectations due to lower impairment and favorable interest and tax expenses [1] Financial Performance - The underlying profit for Wharf Real Estate Investment Company rose to HKD 2.035 billion, reflecting a 3% increase compared to the previous year [1] - The interim dividend remains unchanged at HKD 0.20 per share [1] Stock Performance and Valuation - DBS downgraded the target price for Wharf Real Estate Investment Company from HKD 25.1 to HKD 24.9, while upgrading the investment rating from "Hold" to "Buy" [1] - The company's stock price has decreased by 6% over the past month, underperforming the market by 9 percentage points [1] - The current stock price is trading at a 60% discount to the bank's assessed net asset value, slightly above the ten-year average discount of 59% [1] Market Sentiment - The bank indicated that if the upcoming residential projects receive a positive market response, it could improve market sentiment towards the stock [1]

Core Viewpoint - Citigroup's report indicates that Kowloon Warehouse Group (00004) has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as quasi-cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Financial Summary - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "Sell" rating on Kowloon Warehouse, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - The report suggests that investors may be pricing in expectations for increased shareholder returns, but the company is expected to maintain stable dividends per share without an increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation Insights - Kowloon Warehouse is viewed as having the highest valuation in the industry, with a strong balance sheet allowing for various actions within the group, though this may not necessarily benefit the stock price [1]

Core Viewpoint - Citigroup's report indicates that Kowloon Warehouse Group (00004) has a debt ratio of 4.4%, and when considering its long-term investments of HKD 48 billion, with HKD 39.8 billion in stock holdings treated as near cash, the company effectively holds HKD 33 billion in net cash, representing 50% of its market value [1] Summary by Relevant Sections Financial Position - Kowloon Warehouse Group's debt ratio stands at 4.4% [1] - The company has long-term investments totaling HKD 48 billion, with HKD 39.8 billion in stock holdings considered as near cash [1] - The effective net cash held by the company is HKD 33 billion, which accounts for 50% of its market capitalization [1] Investment Strategy - The company is not in a hurry to reinvest due to macroeconomic uncertainties and market conditions, and may focus on monetizing existing land reserves [1] - Citigroup maintains a "sell" rating on the company, lowering the target price from HKD 18.8 to HKD 18.3 [1] Shareholder Returns - There is an expectation among investors for the company to increase shareholder returns, but Citigroup anticipates that the company will maintain stable dividends per share without any increase [1] - The likelihood of share buybacks is considered low by Citigroup [1] Valuation - Citigroup believes that Kowloon Warehouse Group has the highest valuation in the industry, and its strong balance sheet allows for various actions within the group, though this may not necessarily benefit the stock price [1]

Group 1 - The core viewpoint of the article is that Citigroup's report indicates that the Kowloon Warehouse Group has a debt ratio of 4.4%, and if most stock investments are considered as quasi-cash, its net cash reaches HKD 33 billion [1] - Due to macroeconomic uncertainties, the company is not in a hurry to reinvest and may focus on monetizing interest-bearing assets [1] - Although investors may expect an increase in shareholder returns, Citigroup anticipates that the company will maintain stable dividends per share and is unlikely to conduct stock buybacks [1] Group 2 - Citigroup believes that Kowloon Warehouse's valuation is the highest in the industry [1] - The firm maintains a "sell" rating on Kowloon Warehouse and has lowered the target price from HKD 18.8 to HKD 18.3 [1]

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网 香港报道：8月13日，花旗发表报告，指九龙仓集团负债率为4.4%，若把其480亿元长期投资中 的398亿元股票组合视作准现金，九龙仓集团实际持有330亿元净现金，为市值五成。考虑到宏观不确定 性及市场状况，公司不急于再投资，并可能集中从现有土储变现。该行维持对九龙仓集团"沽售"评级， 目标价由18.8港元降至18.3港元。 本文源自：观点网 该行认为投资者或为公司增加股东回报的预期定价，但该行预期公司将维持稳定每股派息且不会上调， 并认为进行回购的可能性低。该行认为九仓估值在业内最高，强劲资产负债表可允许公司在系内进行不 同行动，但不一定对股价有利。 ...

投资者或为公司增加股东回报的预期定价，但该行预期公司将维持稳定每股派息且不会上调，并认为进 行回购的可能性低。该行认为九仓估值在业内最高，强劲资产负债表可允许公司在系内进行不同行动， 但不一定对股价有利。该行维持对九仓"沽售"评级，目标价由18.8港元降至18.3港元。 花旗发表报告指，九龙仓集团负债率为4.4%，若把其480亿港元长期投资中的398亿港元股票组合视作 准现金，九仓实际持有330亿港元净现金，为市值五成。考虑到宏观不确定性及市场状况，公司不急于 再投资，并可能集中从现有土储变现。 ...