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大和重申恒地(0012.HK)“买入”评级目标价52.48港元
格隆汇 08-22 17:13

大和发表研究报告表示,恒地(0012.HK)中期基本盈利按年跌52%至67.02亿港元,虽然盈利倒退,惟维持派息每股0.5港元不变,显示其财务资源及经常性收入可持续支持其10送一红股及增加派息,该行料恒地将维持追求资产出售及增加派息,重申其“买入”评级及目标价52.48港元。

该行指,恒地中期盈利下跌,主要因销售入帐问题,其累计未入帐合约销售金额增至298亿港元,上半年已确认入帐49亿港元,相信可支持2019至2020年地产销售收益,此外,恒地达成协议以47.05亿港元出售元朗土地,料可于明年初带来36.65亿港元收益。

大和又指,恒地自2016年起透过出售非核心资产获得420亿港元,实现出售收益超过180亿港元,并连续7年宣布10送一红股,与此同时亦增加派息,该行认为恒地将其资本管理现代化,将可令股东受益,而于2012至2018年期间,恒地派发的现金股息总额增幅高达3倍。

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