Jiuzhong mid-term core earns 8% interest rate 1.05 yuan
The retail market in Hong Kong continued to improve in the first half of the year. Wharf Real Estate (01997), which was spun off in November last year, announced its interim results as of the end of June. The core profit for the period was 5.022 billion yuan, up 8.1% year-on-year; taking into account the market value of investment properties. After estimating a net surplus of 5.2 billion yuan, the net profit was 10.179 billion yuan, 1.08 times more than the same period last year. Earnings per share of 3.35 yuan, an interim dividend of 1.05 yuan per share. Chairman and Managing Director Wu Tianhai said that 65% of the recurring earnings from rent-collecting properties in Hong Kong will be used for dividends unless there is a catastrophic event. The stock was fired yesterday afternoon after the results were announced. The high was 57.75 yuan, up 4.2%, closing at 57.4 yuan, still rising 3.6%, turnover of 234 million yuan.
Harbour City’s tenant retail sales record high
Wu Tianhai mentioned that the performance of the first half of the year was driven by the retail business. The performance of its Harbour City in Tsim Sha Tsui was far superior to the market. The retail sales of tenants increased by 36.1% to a new record of 18.6 billion yuan. Together with various shopping malls such as Times Square in Causeway Bay, the retail sales amounted to 24.6 billion. Yuan Xingao increased by 31.44%, which is better than the overall market and accounted for 9.9% of the retail market share in Hong Kong. However, due to the high base in the second half of last year and the strengthening of the Hong Kong dollar exchange rate relative to the Renminbi, Euro and the yen, the impact on retail performance is “not yet clear”. Under the Sino-US trade war, it is hard to say that Hong Kong will suffer or There are still uncertainties in the benefits.
He also said that the company’s performance in the first half of the year is stable and hopes to deliver stable results in the second half of the year. At present, there is no significant change in market conditions. The retail sales of tenants are still growing in July, but if there is more than 30% growth in the second half of the year, “the conversation will be done, but the challenge is very big.”
Wu Tianhai did not respond to private seaport enterprises
Li Yufang, vice chairman, said that in the past six months, the rents for rents have increased from single to double digits. The demand for the shops in the market is higher than that offered by the company. There are still many brands interested in expanding the rented area. There is no problem with the market conditions. I am confident that there will be a single-digit increase in rents for the second half of the year.
During the period, revenue and operating profit decreased by 14.6% and 9.9% to 8.754 billion and 6.352 billion respectively. As the subsidiary seaport enterprise (00051) gradually withdrew from the development of property business, Wu Tianhai pointed out that in November last year, the heavy component was dismantled. Write a good script.” The harbour enterprises hold Hong Kong’s rent-collecting properties as the mainstay. In addition, they hold the Star Ferry and are withdrawing from mainland assets. Wu Tianhai declined to comment on whether he would privatize the seaport enterprise.