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《大行報告》瑞銀:相信領展(00823.HK)供股會令行業短期出現獲利回吐 新世界(00017.HK)負債比率明顯高於同業
領展(00823.HK)上周五(10日)收市後公布上市以來首次供股,擬以每單位44.2元「五供一」,集資188億元。瑞銀發表報告,預期領匯股價將反應負面,假設一半集資所得將用於償還債務,且再融資成本為4%,估計供股將即時稀釋其每單位分派及資產淨值分別約15%及7%。該行對領展股份評級為「買入」,目標價71元。 瑞銀認為,大部分香港地產股自去年11月以來已上升超過30%,相信領展供股或導致行業出現短期獲利回吐。於覆蓋研究範圍內,該行對新世界(00017.HK)持審慎態度,因其淨負債率達74%,遠高於其他槓桿型同業包括恆地(00012.HK)、希慎(00014.HK)及嘉里建設(00683.HK)的介乎約36%至41%水平。 另一方面,瑞銀預期負債率低/有淨現金的發展商短期表現應會更好,如新地(00016.HK)、太古地產(01972.HK)、長實集團(01113.HK)及信和置業(00083.HK)。
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