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《大行報告》中金降恆隆地產(00101.HK)目標價至12.24元 業績及派息符預期
阿思達克 02-05 12:18
中金表示,恆隆地產(00101.HK)去年收入按年跌0.3%至103.2億元,主要受匯率波動及未確認的房地產銷售收入影響。淨利潤按年跌1.5%至41.4億元,符合市場預期。末期息派0.6元,可以選擇以股代息,全年派息0.78元,按年持平,意味股息率8.6厘。 中金表示指,恆隆地產內地租金收入穩定回升,零售業務支撐本港租金穩定或小幅增長。物業租賃穩步推進,並以物業開發和銷售為輔。恆隆地產的主要重點是維持穩健的財務狀況,並留有空間主動調整槓桿比率。 鑑於奢侈品零售銷售和新盤市場的不確定性,該行對恆隆地產今明兩年盈利預測分別下調7%和10%,至43億元及46億元,目標價下調7%至12.24元,相當於今年預測市盈率12.9倍。維持「跑贏大市」評級。現價以今年預測市盈率9.5倍交投,意味著股息率為8.6厘。
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