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《大行報告》瑞信下調恆地(00012.HK)目標價至40.7元 評級「跑贏大市」
阿思達克 03-23 11:02
瑞信發表研報,指恆地(00012.HK)去年基礎利潤按年下降9%至136億元,較該行預期低9%,較市場預期亦低2%。全年每股派息1.8元,按年持平,派息比率爲64%,股息率達5.4%。 全年合約銷售額增長67%至240億元,恢復至2019年的水平。瑞信指出,雖然恆地有充足的可售資源,但新項目更集中在啓德,加上推盤有潛在延遲可能,或爲今年房地產銷售帶來壓力。香港市場租金收入繼續受到疫情影響,去年淨租金收入按年跌9%,跌幅較2020年收窄;中國內地業務則保持強勁勢頭,淨租金收入增長加快至3%。 瑞信將恆地2022至2023年每股盈測下調4%至7%,資產淨值(NAV)預測上調2%,並將每股資產淨值折讓估算由40%擴大至45%,目標價相應由43.7元下調至40.7元,維持「跑贏大市」評級。
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