大行评级｜花旗：九龙仓置业上半年盈利具韧性 予其“买入”评级及目标价25港元

Core Viewpoint - Citigroup reports that the earnings of Wharf Real Estate Investment Company show resilience, with a flat underlying net profit of HKD 31.19 billion in the first half of the year [1] Financial Performance - Core earnings from investment properties and hotels increased by 3% year-on-year to HKD 31 billion, accounting for 55% of the bank's full-year forecast (52% for the first half of 2024) [1] - The company reported a book loss of HKD 24 billion, primarily due to a fair value loss of HKD 51 billion on investment properties (with a projected fair value loss of HKD 44 billion for the first half of 2024) [1] - The valuation of Harbour City decreased by 1.8%, while Times Square saw a decline of 3.9% [1] Dividend Declaration - The company declared an interim dividend of HKD 0.66 per share, representing a 3% year-on-year increase, with a maintained payout ratio of 65% based on core profits from Hong Kong investment properties and hotels [1] Investment Rating - Citigroup maintains a "Buy" rating on the company, with a target price set at HKD 25 [1]