2022/02/24
The successful tender for Caroline Hill Road Commercial Site significantly expands Hysan’s (0014.HK) core portfolio. After deducting the factor of changes in the fair value of investment properties, however, the recurring underlying profit dropped slightly to 2.3 billion (HK$). The second interim dividend was maintained at hk$1.17 per share.
The impact of the epidemic continues, office buildings continue to reduce rents, and the decline continues to expand. The occupancy rate has dropped to 94%, and the turnover has also declined. The future remains uncertain, the group pointed out that it will continue to attract coworking space operators and others.
On a positive note, the retail sector saw a slight recovery last year, with rents rising instead of falling, and the occupancy rate reached 99%, which led to a slight increase in turnover. However, the government plans to legislate to suspend landlords from recovering rent arrears. In addition to the worsening of the local epidemic, 38% of the leases of shops have expired this year. We are concerned about whether rent reductions will be required, or even a tide of rent cancellations.
In addition, its Tai Po residential project is expected to go on sale in the second quarter of this year, but the limited demand from foreigners coming to Hong Kong led to a sharp drop in residential turnover last year by 12%.
受惠去年投得一幅商業用地，投資物業估值按年急升兩成六，帶動希慎興業(0014.HK)去年扭虧為盈，但扣除投資物業公平值變動的因素，基本純利微跌至23億元。第二次中期股息維持每股1.17元。疫情影響持續，寫字樓繼續要減租，跌幅持續擴大，承租率跌至九成四，營業額亦下滑，集團指，會繼續吸引共享工作間營運商等進駐。去年商舖業務稍見復甦，租金由跌轉升，承租率達至九成九，帶動營業額微升。但政府計劃立法暫緩業主追討欠租，加上本地疫情惡化，今年有三成八的商舖租約到期，關注會否需要減租，甚至出現退租潮。另外，旗下的大埔住宅項目，預計會在今年第二季開售，但來港外籍人士的需求有限，導致去年住宅營業額急跌一成二。
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