置富產業信託 (778.HK): 2017 年業績穩定增長,出售旗下物業和富薈 March 7, 2018 1444

投資概要

  • 2017年業績穩定增長,成本控制卓有成效;
  • 部分物業出租率提升顯著,2018年將出售旗下和富薈;
  • 資產增值措施夯實未來增長基礎。

2017年業績穩定增長

置富產業信託2017年實現收入2030.2百萬港元,同比增長2.8%。物業收入淨額1456.7百萬港元,同比增長3.3%,高於收入增長,主要是得益于有效的成本控制措施,成本對收益比率進一步下降0.4%至26%(2016 26.4%)。可供分派收益達到970.8百萬港元,同比增長3.8%,主要是由於物業收入淨額增長高於收入增長,並且融資成本進一步下降。2017年融資成本占收入比率降至13.21%,2016年為14.4%。目前60%債務的利率成本已經以利率掉期及上限對沖(2016年67%),此舉將減低美國利率正常化及美聯儲縮錶帶來的潛在財務沖擊。另外,置富產業信託的派息一直穩定增長,今年1月宣佈派發2017年末期股息0.2525港元,同比增長3.27%。

成本控制卓有成效

2017年置富產業信託的物業營運開支(除管理人表現費用)總額為528.3百萬港元,較去年增加1.2%,而成本對收益比率進一步改善至26.0%(2016年26.4%),是2011年以來最低水準。這主要是由於公司推行的節能措施日見成效,用電量以及電費開支在2017年均有所下降。

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About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

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