匯豐研究:降SOHO中國(0410.HK)評級至“持有” 對出售資產感意外
匯豐環球研究引述《彭博通訊社》報道指,SOHO中國(00410.HK)計劃出售大部分商業資產,涉資80億美元(相當565億人民幣),該行對公司投資物業組合總資產值估算為640億元人民幣,而今年上半年最新的獨立估值則為611億元人民幣。
報道指公司計劃首批出售最少八座位於北京及上海的寫字樓,相關項目料值30億美元,該行對消息感意外,但該行也一直認為出售資產是公司股價的催化劑,而SOHO中國股價升18%,亦已有效反映出售資產的潛在上行空間,但認為新聞為前景帶來不確定性,將股份評級由“買入”降至“持有”,目標價維持3.1港元。
匯豐環球研究認為,出售資產有機會出現兩個情景,短期而言或屬正面,因為公司或會向股東派特別息,但如果未有派發特別息,公司需要解釋如何使用相關款項及新的投資計劃,這個情況下由於公司將偏離其核心物業租賃模式,故有較高的執行風險。
該行留意到過去10年SOHO中國由發展商轉型為「收租股」執行能力欠佳,假如出售資產計劃失敗,在現有的資產基礎下經營上行空間有限,而公司的共享工作空間業務在第三季發展步伐亦較慢。

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