《大行報告》美銀證券:恆地(00012.HK)508億奪中環新海濱地作價合理 投資龐大意味派息上升潛力較小
美銀證券發表報告指,恆地(00012.HK)以508億元奪得中環新海濱商業地,作價合理,撇除政府及公眾用地後的樓面呎價為31,463元。
該行表示,對是次恆地中標並不意外,因集團在鄰近的國際金融中心(IFC)擁有40.8%權益(潛在協同),且其喜好標誌性資產。該行估算項目的初步淨物業收益率為2.4%,稍低於中環市場今年第三季的2.7%。
美銀引述恆地管理層指不會就交易發股集資,而該行估計集團的淨負債比率將有今年6月底的20%上升至35%,為集團歷史淨負債比率範圍的高位,認為是次項目投資龐大,意味派息上升潛力較小。該行亦認為是次龐大投資或拖慢恆地農地轉換及舊區重建的步伐,因為都需要前置資金投入。不過,近期有關中港通關的消息,意味恆地在出售非核心資產及資產輪轉上或已有較好定位。
美銀證券維持對恆地股份「中性」評級,目標價33.2元。該行認為是次投資不會帶來高於均值的回報率,料股價不會因是次交易而波動。
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