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花旗:给予九龙仓置业买入评级 目标价25港元

Core Insights - Citigroup's report indicates that Kowloon Development's half-year profit demonstrates resilience, with core net profit remaining flat at HKD 31.19 billion [1] - Core earnings from investment properties and hotels increased by 3% year-on-year to HKD 31 billion, accounting for 55% of Citigroup's full-year forecast [1] - The company recorded a book loss of HKD 24 billion in the first half, primarily due to a fair value loss of HKD 51 billion on investment properties, with valuations of Harbour City and Times Square declining [1] - Kowloon Development declared an interim dividend of HKD 0.66 per share, representing a 3% year-on-year increase, with a payout ratio maintained at 65% [1] - Citigroup maintains a "Buy" rating on the company, with a target price of HKD 25 [1]