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摩通:予恆地(0012.HK)“中性”評級 目標價33.5港元
格隆匯 11-04 13:22

摩通發研報指,恆基地產(0012.HK)以508億港元投得中環新海濱商業地王,考慮到中環的辦公室市場處於週期的底部,該行估計新項目最初的成本收益率為3.5%。而淨負債率料升至35%,這或引發對恆地未來派息前景的憂慮,若集團不考慮其他資產配置計劃將會感到驚訝。該行預期,是次買地對恆地股價影響中性,予“中性”評級,目標價33.5港元

報吿指出,恆地今次買地每方呎樓面地價約3.1萬港元。該行估計,新項目的總髮展成本為660億港元,以每方呎140港元的租金以及85%的出租率估算,預期項目最初的成本收益率為3.5%。報吿又指,恆地中期淨負債約657億港元,預料這次買地涉及的508億港元,會將集團的淨負債權益比率由20%推高至35%,但這仍未達警示水平,但已令市場憂慮恆地未來的派息前景。

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