《大行報告》大摩:恆地(00012.HK)508億元奪中環新海濱地推高負債
摩根士丹利發表報告,指恆地(00012.HK)以508億元,即樓面呎價約3.15萬元價格奪得中環國際金融中心旁的商業用地,按樓面呎價計,該價格低於恆地在2017年以230億元,樓面呎價約5萬元購買的美利道商業地。
大摩稱,交易完成後,恆地的負債率將達到41%,而今年6月為26%,是該行在香港房地產股覆蓋範圍內除新世界發展(00017.HK)以外最高。
報告指出,今次價格更接近於市場估值的高端。如果假設零售和寫字樓分別呎租為250元和120元,成本收益率可能為4%,但或需時五年以上建設。
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