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大和:恆地(0012.HK)投得的中環地皮具戰略意義 重申買入評級
格隆匯 11-09 12:53

大和發表研究報吿指,恆地(0012.HK)以508億元投得的中環新海濱商業地,是其在中環的第二個投資,該地有潛力,亦具戰略意義。然而,最終仍頂取決於執行的質量。該行重申集團“買入”評級及目標價48港元。

恆地早於2017年投得中環美利道停車場商業地,大和相信,是次地皮或繼續延續該定位,打造新型寫字樓,而不僅僅是一個工作場所,亦同樣是一個購物、娛樂及互動的地方。該行預計,如果混合平均租金能達到每平方呎130港元,該項目可提供4%的毛收益率。儘管香港和中環商業物業市場面臨普遍的不確定性和挑戰,該行相信這仍然是可能的。

該行預期,恆地將透過出售非核心資產及增加房地產銷售為收購提供資金,使其最高淨負債率保持在38%以下。該行考慮預期集團的資產出售進展會加快,上調其2022至23年的每股盈利測預1%。

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