《大行報告》瑞信升新地(00016.HK)目標價至156.6元 評級「跑贏大市」
瑞信發表研究報告,指出新地(00016.HK)2021財年上半年的基礎溢利按年增長30%至175億元,佔該行全年預期的56%。公司宣布派發的中期息持平在每股1.25元,淨負債比率穩定在14.4%。
在社交距離措施影響下,公司上半財年的合同銷售僅佔其全年目標350億元的32%,管理層預期銷售勢頭將會在未來兩季有新項目推出而有所提高。
雖然公司的香港物業租合受壓,但內地物業組合表現則有韌性,租金收入按年上升19%,當中商場的租金收入按年增長26%。隨著其內地已完成投資物業在四年內將增長67%至約2,500萬平方呎,將會成為其租金收入增長的主要動力。
該行認為公司會在宏觀經濟前景改善及低息環境下受惠更多,因為其會有更多足夠的項目渠道、香港投資物業組合的質素更佳,以及中國內地的租金增長前景會更確實。將公司的目標價由原來的120.1元上調至156.6元,維持「跑贏大市」投資評級。
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