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《大行報告》美銀證券上調新地(00016.HK)目標價至144元 評級「買入」
阿思達克 05-04 10:05
美銀證券發表的研究報告指,新地(00016.HK)本周於廣州及古洞的大型土地投資應可帶來穩健回報,同時認為公司所作的投資可受惠大灣區進一步整合,雖然該行料受本地發展項目表現拖累,未來兩三年公司盈利表現將呆滯,但估計隨著新的投資物業出現,可持續收入部分將繼續上升,認為現價較資產淨值折讓55%,股息率達4%屬吸引水平,重申「買入」評級,目標價升4%至144元,估計6月份推元朗站及天水圍站項目以及公司可售資源達180億元等因素將成催化劑。

該行指出公司獲廣州南站項目,可建面積達91.7萬平方米,項目有近六成可供出售,估計將分散風險,同時亦可帶來穩健利潤,料毛利率將達三成以上,其餘零售、寫字樓部分收益率逾4%亦屬合理,估計項目可補足公司於香港的高鐵站項目。

另外新地亦以86億元奪古洞地皮,每呎樓面地價約7,184元,雖然價格高於預期,但當中有16%為零售面積,同時古洞亦近落馬洲,日後將成大灣區港深科技發展的重要焦點,估計日後住宅每呎售價須達1.5萬元,才能達到15%邊際利潤,然而公司過往能於偏遠地區做到高於平均呎價的往績。

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