公司研報若朗豪坊辦公大樓成功出售或意味著冠君產業信託將支付特別股息 : 於 18/7/2017, 第一太平被任命為朗豪坊辦公大樓全球招標的首席代理, 意向價為 245 億港元至 250 億港元之間, 該價格比於 2016 年年報上的公允值高約 190% 截至 31/12/2016, 冠君產業信託已

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機構股票研究資產出售將釋放信託的內在價值香港房地產公司研報投資概要 - 現正尋求出售朗豪坊辦公大樓, 若成功出售, 冠君產業信託預計將會收到大量的現金 - 由於中環美利道停車場的土地以每平方呎約 5 萬港元的價格出售, 若冠君產業信託打算將旗下物業花園道三號出售, 花園道三號的估值或將從美利道停車場的估值中得益公司概況旗下物業皆位於黃金地段 : 冠君產業信託旗下擁有三個物業,

於 2017 年 7 月, 冠君產業信託宣布將可能出售朗豪坊辦公大樓在 2016 年, 朗豪坊辦公大樓為冠君產業信託貢獻約 3.25 億港元的租金收入, 佔全年租金收入總額約 14.1% 在扣除物業營運開支後的淨物業收益方面, 朗豪坊辦公大樓對整體方面的貢獻較高, 朗豪坊辦公大樓為冠君產業信託貢獻 2.95 億港元的淨物業收益, 佔整體約 14.

1 機構股票研究資產出售將釋放信託的內在價值香港房地產公司研報投資概要 - 現正尋求出售朗豪坊辦公大樓, 若成功出售, 冠君產業信託預計將會收到大量的現金 - 由於中環美利道停車場的土地以每平方呎約 5 萬港元的價格出售, 若冠君產業信託打算將旗下物業花園道三號出售, 花園道三號的估值或將從美利道停車場的估值中得益公司概況旗下物業皆位於黃金地段 : 冠君產業信託旗下擁有三個物業, 它們位於中環和旺角, 分別為花園道三號, 朗豪坊商場及朗豪坊辦公大樓雖然冠君產業信託只有三個以供出租, 但這些皆極有價值, 亦定期為冠君產業信託產生大量的現金流和租金收入以下為冠君產業信託的詳細資料地區建築面積 ( 平方呎 ) 花園道三號中環 1,638,000 朗豪坊辦公大樓旺角 703,000 朗豪坊商場旺角 590,000 冠君產業信託宣布以全球招標方式出售朗豪坊辦公大樓 : 於 2017 年 7 月, 冠君產業信託宣布將可能出售朗豪坊辦公大樓在 2016 年, 朗豪坊辦公大樓為冠君產業信託貢獻約 3.25 億港元的租金收入, 佔全年租金收入總額約 14.1% 在扣除物業營運開支後的淨物業收益方面, 朗豪坊辦公大樓對整體方面的貢獻較高, 朗豪坊辦公大樓為冠君產業信託貢獻 2.95 億港元的淨物業收益, 佔整體約 14.6% 冠君產業信託 2016 年的年報顯示, 朗豪坊辦公大樓的公允值為億港元事實上, 朗豪坊辦公大樓估值僅佔冠君產業信託組合估值的一小部分, 僅佔約 12.7% 租金收入淨物業收益出租率花園道三號 HK$1,157Mn HK$1,040Mn 95.9% 朗豪坊辦公大樓 HK$325Mn HK$295Mn 100.0% 朗豪坊商場 HK$817Mn HK$692Mn 100.0% 總額 HK$2,299Mn HK$2,027Mn 朗豪坊花園道三號小計寫字樓 HK$8,477Mn HK$37,856Mn HK$46,333Mn 零售 HK$18,470Mn HK$587Mn HK$19,057Mn 停車場 HK$348Mn HK$535Mn HK$883Mn 其他 HK$217Mn HK$352Mn HK$569Mn 總額 HK$27,512Mn HK$39,330Mn HK$66,842Mn 中性 28 July 2017 現價 : HKD 6.08 ( 現價截至 7 月 26 日 ) 目標價 : HKD 6.30 (+3.62%) 公司資料普通股股東 ( 百萬股 ) : 5,812 市值 ( 港幣百萬元 ) : 35, 周最高價 / 最低價 ( 港幣 ) : 6.46 / 4.12 主要股東, % 羅嘉瑞鷹君資產管理 6.23 股價表現, % 1 個月 3 個月 1 年冠君產業信託恒生指數股價 & 恒生指數 Source: Phillip Securities (HK) Research 財務資料 HKD mn FY15 FY16 FY17E FY18E Revenue 2,289 2,557 2,323 2,389 NPI 1,800 1,783 2,026 1,878 EPU, HKD PER, x BVPU, HKD P/BV, x ROE, % Source: Company reports, Phillip Securities Est. 研研研研研黃恩賜 ( ) johnycwong@phillip.com.hk Page 1 PHILLISECURITIES (HK) RESEARCH

2 公司研報若朗豪坊辦公大樓成功出售或意味著冠君產業信託將支付特別股息 : 於 18/7/2017, 第一太平被任命為朗豪坊辦公大樓全球招標的首席代理, 意向價為 245 億港元至 250 億港元之間, 該價格比於 2016 年年報上的公允值高約 190% 截至 31/12/2016, 冠君產業信託已發行的票據和貸款約為億港元若冠君產業信託成功以意向價出售朗豪坊辦公大樓, 該筆收入不但能清還所有未償還的債務, 冠君產業信託將仍有約 100 億港元因此, 冠君產業信託或將以特別股息的形式分派其現金然而, 長遠來說, 由於朗豪坊辦公大樓為冠君產業信託貢獻約 14% 的收入, 普通股息將會因出售朗豪坊辦公大樓造成的利潤下降而減少破紀錄賣出的美利道停車場地皮對花園道三號或有正面作用 : 於 2017 年 5 月, 政府以億港元出售美利道停車場地皮, 該地皮總建築面積達 465,005 平方呎, 價格相當於每平方呎 50,063 港元這對位於美利道停車場附近的花園道三號的估值有潛在的利好作用此外, 花園道三號的總建築面積比美利道停車場的總建築面積高 250% 因此, 若冠君產業信託計劃出售花園道三號, 連同美利道停車場地皮所帶來的正面作用, 該物業將會為信託帶來相當大的現金流, 特別是該物業現時於年報的估值僅為每平方呎 24,000 港元估值和風險我們的估值模型估值模型顯示目標價為 HK$6.30: 我們的估值是基於冠君產業信託的每單位資產淨值鑑於冠君產業信託的都為高質素的物業和它們均位於黃金地段, 加上朗豪坊辦公大樓的出售將為冠君產業信託釋放其物業的潛在價值和帶來相當大的現金流和收益, 我們預計冠君產業信託在 2017 年度的可分派收入將大幅增加此外, 如果朗豪坊辦公大樓成功出售, 該筆收益將會足夠償還冠君產業信託的所有債務因此, 我們給予其目標價 6.30 港元, 相當於淨資產折讓 29%, 為中性評級 ( 現價截至 7 月 26 日 ) 下行風險 (1): 朗豪坊辦公大樓未能出售 (2): 朗豪坊辦公大樓出售後, 可分配收入將減少, 此將影響將來的派息 Page 2 PHILLISECURITIES (HK) RESEARCH

3 公司研報財務報告 FYE FY2014 FY2015 FY2016 FY2017F FY2018F Valuation Ratios Price Earnings (P/E) Price to Book (P/B) Per Unit Data (HKD) EPU Book Value Per Unit Dividend Per Unit Growth & Margins (%) Growth Revenue (9.1) 2.8 Pretax Income (8.2) 63.9 (2.5) (84.4) Distribution (2.9) (1.8) (92.2) Margins Net Property Income Margin Pretax Income Margin Distribution Margin Key Ratios ROE (%) ROA (%) Income Statement (HKD Mn) Revenue 2,288 2,289 2,557 2,323 2,389 - Property Expense (431) (488) (506) (531) (511) Net Property Income 1,748 1,800 1,783 2,026 1,878 - Base Fee & Other Expense ,730 1,400 1,110 Pretax Income 2,335 2,143 3,513 3,426 2,988 - Income Tax Expenses (136) (215) (208) (245) (230) Income Before Distribution 2,199 1,928 3,305 3,181 2,758 - Distribution Adjustment (927) (694) (2,093) (1,773) (1,518) Distribution 1,272 1,234 1,212 1,408 1,240 Source: Company, Phillip Securities (HK) Research Estimates Income Statement is projected based on the assumption of successfully disposing Langham Place Office Tower ( 財務資料截至 7 月 26 日 ) Page 3 PHILLISECURITIES (HK) RESEARCH

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濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康

濟川藥業 (600566 CH) 公司研報外延並購豐富產品線濟川藥業於 2014 年底收購東科製藥 70% 股權, 該公司擁有全國獨家品種 7 個獨家劑型 5 個, 主要產品婦炎舒膠囊甘海胃康機構股票研究濟川藥業 (600566.CH) 兒童藥市場將支撐高速增長中國醫藥公司研報 19 August,2016 上半年業績大幅增長 2016 年上半年實現營收 23.5 億元, 同比增長 25.7%, 扣非後歸母淨利潤 4.2 億元, 同比增長 37.8%, 基本每股收