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《大行報告》摩通:恆地(00012.HK)奪中環新海濱地 料股價反應中性
阿思達克 11-04 10:11
摩根大通發表報告指,恆地(00012.HK)以508億元奪得中環新海濱商業地,以160萬平方呎樓面計,樓面呎價約3.1萬元,較中環上一塊招標地皮、同為恆地中標的美利道停車場用地樓面呎價低出38%。恆地於2017年以235億元投得美利道地皮,樓面呎價約5.05萬元。 該行預期,集團股價對是次中標的反應中性。而新海濱商業地的初步成本收益率料為3.5%,考慮中環寫字樓市場周期見底,收益率屬合理。 摩通又稱,集團的淨負債比率料上升至35%,或會令市場對其派息方向的憂慮增加;指若集團不考慮其他資產出售計劃,以降低資產負債表的槓桿,則會感到驚訝。 摩通維持對恆地股份「中性」評級,目標價33.5元。
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